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OPEC and non-OPEC producers, the group known as OPEC+, have agreed to stick to the existing plan to ease crude oil output cuts in June and July, Reuters reported on Tuesday, citing sources familiar with the matter.

The group has not discussed the output strategy for August and has decided to hold the next ministerial meeting on July 1.

Market reaction

This headline doesn’t seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was gaining 2.55% on a daily basis at $68.60.