As the 23-strong Opec+ coalition prepares to ease its historic production cuts, managing market sentiment is critical. The transition from mandated cuts of 9.6mn b/d to 7.7mn b/d from 1 August raises the specter of nearly 2mn b/d returning to the market at a time when inventory drawdowns have only just begun.
Not so, say Opec+ leading lights. A number of key factors mean that the “additional supply reaching international markets will be barely felt,” Saudi energy minister Prince Abdulaziz bin Salman told the 15 July meeting of the alliance’s Joint Ministerial Monitoring Committee (JMMC). (CONTINUED - 1213 WORDS)