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Weakens OPEC limits oil production

OPEC August 1 will begin to check the stability of the recovery of the oil market: the Alliance will move to the second stage started in may of the deal to reduce output, which is the easing of restrictions with unprecedented 9.7 million million barrels per day to 7.7 million.

It is expected that this phase will last until the end of the year and to avoid excessive overheating of the market. As reported by Minister of energy of Russia Alexander Novak, in July, the oil market was fairly balanced and was able to go in a shortage of supply due to transaction-OPEC and reduce oil production in several other countries.