OPEC+ decides to speed up oil production hikes to offset sanctions on Russia

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With key member Russia set to be hit by an EU oil embargo, the OPEC+ alliance on June 2 agreed to accelerate its production hikes through the summer, appeasing US officials after months of insisting there was no need to do so. The group’s quotas will now rise 648,000 b/d for July and another 648,000 b/d for August – about…