RBC: OPEC+ will wait until June to make a smart choice about removing production cuts

Investors will be watching for clues from next week’s meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC). Rising geopolitical risks have increased expectations of potential supply disruptions, but OPEC+ is unlikely to change its oil production policy ahead of its ministerial meeting in June. RBC analyst Helima Croft said, “[We] don’t see any indication that the recent rally in oil prices, driven by heightened Russian infrastructure risks, will prompt a policy reversal at next week’s JMMC meeting.” Any major shift is likely to wait until the ministerial meeting on June 1, and even then, we believe the organization will be very wise in removing any production cuts. ”