OPEC+ countries consider significant increase in production for June as well – Commerzbank

According to the Reuters report, eight OPEC+ countries with a voluntary reduction in production may also increase oil production more meaningful in June, the commerzbank commodity analyst Carsten Fritsch Tala.

OPEC+ Eyes is additional output hike in June

“A similarly strong production increase as in May is considered to be, according to the studied resources. A decision on the quantity of production in June will be taken to a meeting at the beginning of the week after the next. Although these are not yet confirmed rumors, the cracks within the production cartel seem to be greater.”

“A few hours before, Reuters reported that Kazakhstan wanted to prioritize its national interest in OPEC+ interests when deciding on oil production. Kazakh's new energy minister was justified by saying that western oil companies operating in the country would not be forced to break the production.”

“The three projects run by these companies – Tengiz, Kashagan and Karachaganak – account for 70% of the country's total oil production. Shutting down production in other old oil fields is impossible because they can't do everything anymore.”