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flag OPEC+ plans a big oil output hike, potentially pushing prices down further.

flag OPEC+ is considering a significant increase in oil production for July, potentially raising output by 411,000 barrels per day, more than triple the previous plan. flag This follows similar increases in May and June and could lead to lower oil prices. flag The move aims to punish countries not adhering to quotas and to regain market share, with Saudi Arabia leading the push. flag Meanwhile, oil prices have fallen due to rising US inventory levels and geopolitical uncertainties.

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