Saudi Energy Minister Abdulaziz decision to ban various news sources from OPEC meeting stemmed from his perception that his market view was not being given a fair airing, he believed that was contributing to falling oil prices, according to FT sources

• A wait-and-see approach for Sunday's OPEC seemed most likely until recent days when prices slipped further, according to "OPEC delegates and analysts".


• OPEC delegate says "Everything is under discussion... Still nothing is clear."


• One possibility being discussed is altering production baselines for OPEC+ members, according to two FT sources.

Via FT

Analysis details (20:20)

• Reuters sources just reported that OPEC+ is discussing a further output cut of around 1mln BPD among possible options for the June 4th meeting.


• 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.


• 
  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 - 20:09- EnergyImportant- Source: Financial Times