Oil producers from the OPEC+ group meet on Wednesday to agree to the next step in their market management. For the first time in a year, there is no clear policy for them to rubber stamp. That could make for an interesting (virtual) gathering.
The producer group has now added back all the production it agreed to cut in April 2020 — well, in theory at least — with the target for August back at the original baseline level.
In practice, the group’s production is lagging far behind, with the members pumping about 2.7 million barrels a day less than planned in May, the most recent month for which full production figures are available.
