- Oil prices traded higher Monday morning amid a positive demand outlook from OPEC+’s JMMC committee
- WTI touched $68.67/Bbl, a two and a half year high
- The Joint Ministerial Monitoring Committee (JMMC) recommended moving forward with the increase for July when the group stands to add 841 MBbl/d following increases in May and June
- OPEC’s official meeting with the broader group takes place today, June 1
- OPEC+ is likely to stick with the existing pace of gradually easing oil supply as recommended by the group’s JMMC committee; five OPEC sources told Bloomberg
- OPEC Secretary General Mohammad Barkindo said he did not expect higher Iranian supply to cause problems
- “We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion,” he said in a statement
- Oil demand is optimistic, but COVID cases in India are still having an impact on oil demand
- Gasoline sales in India collapsed to the lowest level in a year in May
- Average daily sales in May declined by almost a fifth from the previous month, according to Bloomberg
- India is the world’s third-largest oil importer and the globe’s biggest market for motorcycles and scooters