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OPEC+ meets as oil output hike looms

Ministers from the 22-member OPEC+ coalition convened virtually on Wednesday to review their oil production strategies, with Saudi Arabia and Russia playing prominent roles in the discussions.
The meeting followed their 2022 agreement to cut production by about two million barrels per day and recent surprises in output hikes for May and June.
Key producers called the V8 increased output by 411,000 barrels per day for May and June, partly to penalize members like Kazakhstan for exceeding quotas.
Ole Hvalbye of SEB indicated that the market is likely to respond with limited volatility, while analysts at DNB mentioned circulating speculation about an additional production increase of 411,000 barrels per day in July.
Another output increase is expected to be decided at a Saturday meeting, though it is unlikely to significantly impact prices now near $60-$65 per barrel.

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Financial Post

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