May 05, 2022 12:27 GMT
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.'