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Monday, June 21, 2021

OPEC+ ministers won’t meet with JMMC set to recommend no production changes

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OPEC+ won’t bother with formality

There was some speculation that OPEC could slow its return to production but even with demand slowing in India and Japan, it’s holding up better than anticipated and accelerating in the US.

The next meeting will be in early June.

WTI touched a session high at $62.84 a short time ago in a spike but it’s back to $62.49, up about 1% on the day.

Update: Reuters reports, citing a source, that the preference is to keep output plans along existing lines.

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