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OPEC+ Likely Not Restoring Full Output at June Meeting

OIL

OPEC+ may be hesitant to restore output at the next full meeting in June, Trafigura’s chief economist, Saad Rahim, said to Bloomberg.

  • “You don’t want to bring barrels back in too early,” he said.
  • Global oil markets are indicating tighter supplies with more upside risk. However, current prices are being restrained as speculators question whether demand recovery is solid, Rahim said.
  • Oil consumption is supported by signs of recovery in the global manufacturing and petrochemical sectors, as well as robust fuel demand in China and strong activity in India, he added.

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