Free Trial
WHITE HOUSE

COVID-19 Response Team Holding Press Briefing

EURGBP TECHS

Bullish Outlook

US

Corporate Credit Update: Steady

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

OPEC+ Maintains Modest Production Increase

OPEC

Today's OPEC+ ministerial has concluded in 13 minutes with an expected rubber stamp on maintaining production increase by 432 thousand bpd for June.

  • The decision suggests that an EU ban on the import of Russian crude has not compelled greater production and the group continues to resist calls from the US to hike production.
  • The production increase quotas have been in place since August 2021 although member states have consistently failed to meet targets.
  • Yesterday OPEC Secretary-General Mohammad Barkindo said: 'What is clear is that Russia's oil and other liquids exports of more than 7 million bpd cannot be made up from elsewhere. The spare capacity just does not exist. However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.'
123 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Today's OPEC+ ministerial has concluded in 13 minutes with an expected rubber stamp on maintaining production increase by 432 thousand bpd for June.

  • The decision suggests that an EU ban on the import of Russian crude has not compelled greater production and the group continues to resist calls from the US to hike production.
  • The production increase quotas have been in place since August 2021 although member states have consistently failed to meet targets.
  • Yesterday OPEC Secretary-General Mohammad Barkindo said: 'What is clear is that Russia's oil and other liquids exports of more than 7 million bpd cannot be made up from elsewhere. The spare capacity just does not exist. However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.'