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Opec ministers, who are due to meet in Vienna on 5 June, are expected to once again maintain the current 30mn b/d output ceiling. Opposition to the Saudi led decision at the previous meeting in November to not cut output, even if that meant prices tanking, has more or less petered out. Even some traditional price hawks such as Iran appear to be acquiescing, at least for now.
Current production by the producer group’s 12 members is running at above 31mn b/d with Saudi Arabia producing near record levels of just over 10mn b/d, a level that is likely to be sustained and even topped in the coming months in order to meet higher domestic demand and export commitments.
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