Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the Petroleum Exporting Countries and allies) officials had hoped to increase production into a tightening market characterised by rising oil prices they are likely to be frustrated. Crude stocks, futures prices and calendar spreads are all at similar levels to a year ago, making a significant ... (full story)