The scale of cuts we are seeing from OPEC+ might have taken time to be reflected in outright prices as well as time spreads. However, where it has been much more evident for several months, and only becoming increasingly more apparent, is in quality spreads. OPEC+ cuts have led to a reduction in medium sour crudes, whilst the supply growth we are seeing will be largely driven by lighter sweet crudes. This trend is well reflected in the Brent/Dubai spread which is seeing Brent trading at an unusual discount to Dubai. In fact, the spread has traded to deeper discounts than seen in 2020, where we saw 10MMbbls/d of ... (full story)