OPEC+ Meeting: Divided Oil Market and Speculators on Alert

OPEC+ will meet in Vienna on June 4 to decide on further production policy steps amid supply volatility, demand uncertainty, and a prospective recession. The group has lowered output by 2 million barrels per day since October 2020 to combat lower demand. Some members have also announced additional voluntary cuts totaling 1.6 million barrels per day in April. Saudi Arabia has warned oil market speculators they could face further pain ahead, in comments some have read as hinting further supply cuts could be in the cards. However, further output cuts are unlikely this weekend unless demand stays low in China.