Insight
OPEC+ decides on rollover and tight H2 2019 supply demand balance
Report summary
OPEC and then its non-OPEC partners agreed to roll over production restraint at the 1-2 July meetings in Vienna. The decision became a foregone conclusion when Russia President Putin gave a green light to continued cooperation with OPEC at the G20 meeting. Putin met with Saudi Arabia Crown Prince Mohammed bin Salman on 29 June 2019 and then announced Russia will continue to manage the market with Saudi Arabia and OPEC. In addition, a non-restricting charter was issued declaring continued cooperation between OPEC and any willing non-OPEC producers to manage the market in the best interest of producers, consumers and investors. The meeting confirmed our assumption of continued OPEC+ production restraint through 2020 in the 28 June 2019 Macro Oils Monthly Update.
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