OPEC+ is likely to agree oil output hike at Sunday meeting without UAE, according to Reuters sources; OPEC+ likely to hike quotas by 206k BPD minus the UAE share of 18k BPD
- OPEC+ to raise June output quotas, but most members can't meet the targets due to supply disruptions.
Context
OPEC+ is set to raise output quotas but the increase is not likely to translate into higher production due to ongoing supply disruptions among most members. This implies that while the decision to hike quotas by 206k BPD minus the UAE’s share signals an intent to address market pressures, the actual impact on supply may be muted, keeping prices supported in the near term due to the persistent constraints.
Trade the TapeGet this analysis live, the moment it breaksNewsquawk's real-time dashboard delivers market-moving headlines and instant context to your desk before the rest of the market reacts.
Open Dashboard#OPEC#IMPORTANT#ENERGY#US SESSION#WTI#COMMODITIES#ENERGY & POWER