Thursday May 5 will bring the meeting of OPEC and its allies, the OPEC+ group (which is basically Saudi Arabia and Russia).
Its expected to result in an agreement for another 430kK+ bpd oil output increase for June
The background to this meeting is that
- despite the ongoing output boost agreement some group members have failed to deliver on the agreed output targets, mostly due to capacity/production issues
- Some European nations are moving closer to banning Russian oil imports
- China lockdowns are lowering demand
