Oil: Markets eyeing OPEC+ meeting for hints - Rabobank

The OPEC+ meeting continues today and markets will keep a close eye on hints whether the countries involved are able to maintain their joint approach, suggests the research team at Rabobank.

Key Quotes

 “Now that the “global glut” has nearly vanished according to its officials and one of the group’s key members (Russia) may be under some pressure to produce more. After all, if you can’t sell your aluminium you have to sell your oil, right? Russia’s oil minister Alexander Novak said this morning that it “cannot rule out an output increase” this year and that it “may discuss a gradual output increase in June if needed.” No major decisions are expected today, however.”