Now that US President Joe Biden’s visit to Saudi Arabia is in the rear-view mirror, oil market attention is firmly focused on the next Opec+ meeting on 3 August. When ministers next congregate (virtually), the April 2020 production cuts will have finally been fully unwound and discussions will turn to September production levels.

All signs point towards a compromise agreement being reached during that meeting that the US can spin as enabling increased Opec+ production, but under which Saudi Arabia can avoid actually committing additional barrels to the market. The primary aim is to manage market sentiment rather than fundamentals. (CONTINUED - 1080 WORDS)