Opec+ ministers put together a comprehensive long-term roadmap for the producer alliance’s production during a series of hybrid virtual and in-person meetings last weekend. In the build-up to the 2 June meetings, outside expectations were that the key issue to be addressed would be whether or not the eight Opec+ members contributing voluntary cuts would extend these cuts into the second half of the year, but in the days ahead of the talks, news began trickling out pointing to a broader agenda.

Speculation that the meeting would result in more than a simple rollover of the ‘Group of 8’s’ 2.2mn b/d voluntary cuts reached a crescendo on 31 May when it emerged that these eight producers would be holding an in-person meeting in Riyadh on the sidelines of the main virtual Opec+ meeting. (CONTINUED - 2650 WORDS)