Analysts expect OPEC+ to gradually ease crude output limits at the June 1 meeting, according to IBD. OPEC+ are also expected to consider a nuclear deal between Iran and Western powers in future oil output quotas.
OPEC+ have a current agreement to raise crude output by 350,000 barrels a day in June and further 441,000 bpd in July.
OPEC+ shocked oil markets in March when it maintained output limits even after Saudi Arabia had cut production by 1 million bpd.
Analysts also expect OPEC+ to lift sanctions against Iran that could add 500,000 bpd-1.5 million bpd of crude in the market, taming rising oil prices.
Russia estimates a 1 million bpd deficit in global oil markets which it says should be filled in deciding on output limits.
OPEC+’s meeting comes amid pressure from climate-change activists advocating for emission reductions from oil.
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