On the OPC+ meeting and announcement, earlier info:

In a nutshell the OPEC announcement included plans to phase out voluntary production cuts of 2.2 million barrels per day

  • would begin phasing out those cuts over the course of 12 months starting in October
  • more than 500,000 barrels per day would return to the market by December
  • 1.8 million barrels per day would come back by June 2025

RBC is not so sure:

  • “Some people read the OPEC statement, particularly the part about the adding barrels back from the voluntary cut, as bearish”

But:

  • “They were pretty clear that this is going to be data dependent”
  • “As we get to the end of August, if the fundamental picture looks worse than what we have now, they would pause that addition”

Oil update, hourly candles:

oil opec output 04 June 2024 2