Since sealing the deal on new, swingeing Opec+ production cuts on 12 April, the group’s Gulf cohort has been keen to sell the extent of the cuts as much as possible in an attempt to boost prices – so far with little success (MEES, 17 April). Officially, Opec+ is to begin with a two-month 9.7mn b/d cut from May, which will taper off towards its culmination in April 2022.
Of course, one interested party which isn’t part of Opec+ is the US, where President Donald Trump played a significant role in pressuring the grouping to reach a deal. Given his very public involvement, Mr Trump is at pains to paint the deal in as positive a light as possible. (CONTINUED - 1099 WORDS)