In the lead up to Thursday’s meeting there was plenty of uncertainty around what OPEC+ might do, particularly given the strength that we have seen in the market so far this year, with Brent up more than 28% YTD. The group at the start of the year held off from easing output cuts, whilst we also saw Saudi Arabia surprise the market back then with an additional 1MMbbls/d of voluntary cuts for February and March. So, heading into Thursday’s meeting, expectations were that we would at least see Saudi Arabia end its voluntary cut , however the Kingdom has decided that it will continue to hold off this supply from the ... (full story)