According to Reuters, citing sources familiar with the matter
- Final decision to be taken in June
- Talks between Saudi, Russia, UAE energy ministers this week will discuss how to bring record high compliance with supply curbs down to 100%
- Compliance with supply cuts in April for OPEC, non-OPEC was 152%
Not the biggest of surprises as the market has been rumouring that OPEC+ is set to scale back on its output curbs when they meet in Vienna next month. The meeting is scheduled to take place on 22 June.
But nonetheless, expect oil to be weighed down by further talks of this in the next few weeks. WTI is now down near session lows at $70.44, lower by 0.38% on the day.
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