Higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.
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This situation likely contributed to the decision to allow milk powder imports.
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The United States, as the world’s largest oil consumer, is entering its peak summer consumption period.
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Analysts had projected that U.S. energy firms would withdraw 1.9 million barrels of crude from storage.
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Shell is exiting onshore oil in Nigeria after nearly a century, signaling a significant strategic move amidst environmental challenges