Opec announced on 24 May that the upcoming June ministerial meeting of the Opec+ group will be held remotely, rather than in-person in Vienna. The date of the meeting has also been pushed back by one day to 2 June. With the group’s official production cuts due to remain in place until end-2024, the key supply-side issue to be decided is whether or not the eight-member subset led by Saudi Arabia will extend their additional 2.2mn b/d of voluntary cuts beyond June (MEES, 8 March).

The market consensus is that a rollover is the likeliest course of action, although a surprise cannot entirely be discounted. As the voluntary cuts fall outside the official Opec+ cuts, a decision could also be announced ahead of the meeting (MEES, 17 May). (CONTINUED - 191 WORDS)