Oil - OPEC+ meeting this week, May 5. No change expected.

Thursday May 5 will bring the meeting of OPEC and its allies, the OPEC+ group (which is basically Saudi Arabia and Russia).

Its expected to result in an agreement for another 430kK+ bpd oil output increase for June

The background to this meeting is that

• despite the ongoing output boost agreement some group members have failed to deliver on the agreed output targets, mostly due to capacity/production issues
• Some European nations are moving closer to banning Russian oil imports
• China lockdowns are lowering demand