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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessOPEC+ Maintains Modest Production Increase
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.'
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.