The logo of the Organisation of the Petroleum Exporting Countries at its headquarters in Vienna, Austria March 21, 2016. — Reuters pic
Opec+ had initially agreed in April that it would cut supply by 9.7 million barrels per day during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December. “Prices can be expected to be strong from Monday, keeping their US$40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.
Trump, who previously threatened to pull US troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery. As global lockdowns ease, oil demand is expected to exceed supply sometime in July but Opec has yet to clear 1 billion barrels of excess oil inventories accumulated since March.
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