The June OPEC Meeting May Spring A Nasty Surprise For The Oil Markets

The recent assurance from Russian Deputy Prime Minister and key OPEC+ negotiator Alexander Novak - that he does not expect the group to take any new decisions at their next meeting scheduled for 4 June – should not assure anyone. This is even more the case as it came around the same time as Russia’s key partner in OPEC+, and the de facto leader of the ‘OPEC’ part of it – Saudi Arabia – warned speculators who have been selling oil to “watch out”. Even more specifically, Saudi Arabia’s…