OPEC meet today, Thursday, 2 June 2022.
Reuters have a very brief what to expect, which is the consensus view also:
- OPEC+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five OPEC+ sources said on Wednesday as the group fast approaches its maximum production capacity.
Yep, even if OPEC members wanted to pump more many are not in the position to do so - bumping up against capacity constraints. Adds Reuters:
- OPEC is estimated to have less than 2 million bpd of spare capacity.
Although, I reckon an extra 2mn bpd would be welcomed!
Oil update:
