The Organization of Petroleum Exporting Countries and its allies will meet Thursday, when they may decide to boost output by 550,000 barrels a day in August, a Bloomberg survey shows.
Physical oil markets are screaming for more supply.
Still, Saudi Arabia, OPEC’s top producer, has so far proceeded cautiously, with the persistence of Covid-19 and the potential restoration of Iranian supply clouding the market outlook.
All the while, the glut of crude stored at sea which built up during the pandemic continues to shrink.