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OPEC+ Could Signal Partial Phase out of Cuts in June

OIL

OPEC+ are likely to signal a gradual phase out of production cuts at its next meeting in June, MUFG Research’s Ehsan Khoman and Ramya RS said via Dow Jones.

  • Adding volumes after a protracted period of cuts constitutes a tipping point for oil markets given this should signal robust future demand," they said in a report.
  • "With global oil fundamentals still pointing to a deficit in the third quarter, and Brent oil prices likely to remain in the mid-$80s a barrel, we view that this offers the space of the partial removal of the cuts and offer OPEC+ flexibility to cut again at a later stage should recessionary risks rise that may drive demand lower," Dow Jones quoted the analysts as saying.
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