The crucial meeting of the Organization of the Petroleum Exporting Countries and their Allies (OPEC+) could promote an increase in oil production. This meeting is scheduled for This Tuesday, June 1, 2021.

OPEC member countries are meeting on Tuesday to decide to continue the increase in oil production that began in early May. The organization, expanded since 2016, had decided, at the beginning of May, to reopen the floodgates forecasting a rebound in demand of about 6 million barrels per day. The optimism of OPEC+ could nevertheless oppose the caution of Saudi Arabia which fears a renewed tension on the front of the health crisis.
It should be noted that the pandemic wave raging in India, the most powerful of opec members, could call into question the prospects for recovery. India is the third largest consumer of oil in the world. In addition, JBC analysts expect a shortfall of 3 million barrels per day between July and August.