- OPEC and its allies are discussing if it should increase oil production at next week’s meeting (Bloomberg)
- Russia is thinking of proposing that OPEC+ should ease a global supply deficit by increasing supply, according to Russian officials
- Saudi Arabia, the de-facto OPEC+ leader along with Russia, has yet to give a signal as to what position it will take for the July 1 talks
- OPEC+ is in the process of returning 2.1 MMBbl/d to the market through July as part of their strategy of returning held back production
- Brent crude is the most expensive against Middle Eastern oil in 21 months as the recovery in demand led by Europe, and the U.S. gains steam (Blooomberg)
- Brent is now more than $4/Bbl more expensive than the Dubai marker
- Asian refiners should increase their appetite for Middle East crude (Dubai) and Russian barrels that are linked to Dubai at the expense of Atlantic Basin grades, according to Bloomberg
- AEGIS notes WTI’s recent strength versus Brent and Dubai could cause a reduction in U.S. oil exports if the export arbitrage becomes unprofitable