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OPEC+ Joint Ministerial Monitoring Committee (JMMC) has recommended producers to stick to the agreed oil output policy through July, Reuters reported on Tuesday, citing two sources familiar with the matter.

Earlier in the day, “we anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion,”  OPEC Secretary General Mohammad Barkindo said.

Market reaction

Crude oil prices continue to rise following this headline and the barrel of West Texas Intermediate (WTI) was last seen gaining 2.4% on a daily basis at $68.45.