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RaboBank Says Additional Output Cut By OPEC Would Indicate Weakness

OIL

RaboBank sees OPEC+ to keep current output quotas unchanged during the next meeting on 3-4 June in Vienna, as an additional cut would indicate bearish market signals, the bank said.

  • "We see OPEC+ staying the course and continuing the April cuts ...The surprise April cut boosted prices by $5-$7 for about three weeks."
  • "A second cut would display their fears more openly and indicates greater weakness; we construe a second cut as a bearish signal unless the cuts are extremely substantive.”
Energy BulletsCommodities
Energy BulletsCommodities

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