Early June saw OPEC+ extend its 3.66 million barrels per day (bpd) of production cuts to the end of 2025. It also announced that it would extend another 2.2 million bpd to the end of September 2024. Together, these cuts comprise around 5-6% of global oil demand. Despite this, though, the Brent oil price global benchmark has failed to break through the key US$90 per barrel (pb) level that was last achieved in September. This means that the two prime movers in the OPEC+ alliance – Saudi Arabia and Russia – are way off the oil price needed…
