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Ahead of the OPEC+ meeting on July 1

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Noting in there that:

  • Caution is also warranted given the nature of the demand recovery, which is subject to setbacks if COVID-19 outbreaks should once again rise, the ‘Delta’ variant is of particular concerns as it seems more transmissible. 

Here are just a few countries that have introduced a renewed round of lockdowns that’ll limit the growth of demand. Restrictions tightened in parts of: 

  • Asia
  • Australia
  • Russia
  • South Africa 

(there are more). Also note that in Europe, Spain and Portugal have imposed new
restrictions on UK visitors. Hong Kong has done similar. 

Still, analysts do expect OPEC+ to hike output (see post linked above for more). 

I posted earlier on :  Oil - OPEC+ July 1 meeting is expected to result in an increase to output

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