Tomorrow’s meeting may be a bit of a dud
It increasingly looks like Tuesday’s OPEC+ meeting might not offer much we don’t already know.
A Reuters report, citing two sources, said they don’t expect OPEC+ to discuss output beyond July because they want to wait and see what happens with Iran. Another meeting is planned for June 24, which is after Iran’s election.
Reuters also reports that the larger deficit that the JTC is now forecasting is due to lower supply, not higher demand.
OPEC is in a tough spot because few people — maybe even including Iran — know how quickly Iran can bring barrels back online. They’ll get back to 6 mbpd but the timing is muddly.
Brent remains up 80-cents to $69.53 today.