OPEC+ Is Following Through
We are halfway through June now and I come bearing good news, OPEC+ is indeed lowering supplies to the market.
As we will detail in this report, we are seeing most of the producers follow through on their commitment to lowering production with the Saudis leading the charge.
For Russia, we are seeing a small decrease month-over-month, but we expect volumes to pick up in the latter half of June. Russia is cutting production as crude exports via pipelines has declined, so seaborne crude exports will remain elevated for the time being.