The 10th extraordinary OPEC and non-OPEC ministerial meeting on 12th April saw an overall production cut of 9.7 mln bpd from May to June, then by 7.7 mln bpd from July to December followed by 5.8 mln bpd from January 2021 to April 2022. We see the latest OPEC+ deal as a mitigating action to decelerate stock builds and avoid reaching tank tops by June.
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