Earlier, Bloomberg was out with a report that OPEC+ was discussing a pause in further production increases after unwinding the final ‘voluntary’ cuts in September.
That’s positive in theory but largely falls in line with current expectations. It says they “will likely wait some time” before beginning to wind down the 1.66 mbpd still offline from the full group, though many in the market don’t believe there is that much spare capacity.
At the moment, the crude market is cushioned by seasonal summer strength but the real test for prices will come in Q4 when that disappears but the OPEC+ barrels remain
WTI crude falls through $67 despite talk of OPEC+ pause
