OPEC+ meeting: What to expect for oil prices?

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OPEC+ maintained their production policy unchanged during the 39th ministerial meeting held the day before yesterday.

 

OPEC+ decided to task the OPEC Secretariat with developing a mechanism to assess the maximum sustainable production capacity of member countries. This mechanism will be used as a reference for production levels for all member states in the year 2027.

 

Attention now turns to an output meeting tomorrow, May 31, involving eight member countries of the alliance that had previously committed to additional voluntary oil production cuts.

 

Amin Nasser, President & CEO of Saudi Aramco, expressed optimism about the market, stating that fundamentals remain strong. He noted that oil demand increased by 1.7 million barrels per day in the first quarter of this year and continues to grow.

 

OPEC+ meeting: What to expect for oil prices and production?

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