In a swift Opec+ meeting on 1 June, ministers decided simply to stick to the plan. The coalition’s production ceiling will rise by 441,000 b/d in July, while Saudi Arabia will add a further 400,000 b/d as it ends its additional voluntary cuts.
Production is then meant to remain at this level until the agreement expires at end-April 2022. That will entail the Opec+ grouping holding some 5.76mn b/d back from the market for ten months from July 2021. (CONTINUED - 1024 WORDS)