- OPEC+ is unlikely to make fresh cuts at its June meeting, said Russia’s Alexander Novak
- Many analysts hold the same sentiment that the June 3 to 4 meeting won’t bring any surprises, even after Saudi Arabia delivered another warning to short sellers this week
- A surprise production cut from OPEC+ last month initially scattered bearish oil speculators and sent prices rallying, but a cloudy global economy outlook helped prices subside (BBG)
- Global oil trade flows are being redrawn (Bloomberg)
- Western sanctions are channeling more barrels from Russia to Asia’s largest economies
- China and India took more than 30% of their combined imports from Russia, Iran, and Venezuela, according to data from Kpler
- Exports from traditional suppliers have collapsed as Asia has taken about 40% less from West Africa and the U.S.