OPEC+ extends oil production cuts until the end of 2025, aiming to stabilize crude prices and balance market demands in the face of U.S. crude production growth and weak demand concerns.
OPEC output surges 120,000 b/d in May despite quotas; Russia-led allies cut: Platts survey hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Commodity analysts at Standard Chartered have pointed out that the price undershooting was the consequence of markets being dominated by a combination of extreme macroeconomic pessimism; speculative shorts and over-enthusiastic algorithmic trading
Opec+ ministers look increasingly likely to agree to extend the group's current crude oil supply cuts into the second half of the year when they meet virtually on 2 June. But as ever, when it comes to this iteration of Opec+, an added surprise should never be ruled out.