1. Disregarding Supply Shocks, OPEC+ Sticks to Conservative PolicyOPEC+ approved another 432,000 b/d increase in production quotas for June 2022, sticking to its conservative attitude despite falling output levels from one of the oil group’s key member, Russia. Brushing aside risks of Russian output plummeting, OPEC+ indicated that supply/demand indicators point to a balanced market, rubberstamping the decision in 13 minutes. According to S&P Global Platts, there remain only two countries capable of bringing more idled production back…
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