OPEC+ debating an additional oil production cut among possible options for the June 4th meeting, according to three Reuters sources
Reaction details (19:37)
- Brent (Q3) futures spiked from USD 76/bbl to 76.30/bbl before swiftly paring the move.
Analysis details (19:38)
- It is currently unclear which path the alliance of oil producers will opt for at the upcoming weekend meeting, although desks are seemingly in consensus that the group will keep production steady but will stress flexibility.
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Analysts are also in unison in assigning non-zero chances of further production cuts, mainly given the Saudi Energy Minister's recent warning to speculators, and the fall in prices since the group's surprise, coordinated, voluntary curb announcement in April. -
Real the full Newsquawk OPEC preview here.
02 Jun 2023 - 19:29- EnergyImportant- Source: Reuters
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