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OPEC+ Cuts Well Underway According to JP Morgan

OIL

JP Morgan joins other banks in stating that OPEC+ is ‘making good on its promise’ to cut supplies based on its voluntary cuts announced April 2.

  • Total OPEC+ oil exports are down 1.4 million barrels a day so far in May versus previous month according to JP Morgan.
  • Shipments from Russia, which has also pledged cutbacks, are down by 400,000 barrels a day it claims – countering the narrative that Russian cuts have been limited. It does however place Russian cuts short of claimed 500,000 bpd.
  • The cuts are likely based on high domestic refinery maintenance which is diverting barrels onto the export market which remains strong – clouding Russian output picture.

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