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OPEC+ decides on oil production quotas for July

Reuters reported on June 1 that the Organization of the Petroleum Exporting Countries and Russia and other oil-producing allies (OPEC+) will meet on June 2 to decide on production quotas for July. The daily pace was slightly higher than the previous increase of 400,000 barrels per day per month. This week the EU reached an agreement to ban the export of Russian oil at sea to the EU, which will immediately cover more than two-thirds of Russia's imported oil; 90% of Russian oil imports will be banned by the end of the year when Russia will send crude oil to Central and Eastern European countries. The northern pipeline of the oil pipeline will also stop imports. Helima Croft, head of global commodity strategy at RBC Capital Markets, believes that OPEC+ will eventually increase output, mainly because of the impact of a sharp cut in Russian supply, but this may not be written into the official report. The statement mainly respects Russia's position.
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