June’s meeting of Opec+ ministers delivered another surprise for oil markets. After catching the market off guard in April with a 1.2mn b/d package of voluntary cuts agreed by a group of producers, the June meeting agreed to extend those cuts to the end of the year, with Saudi Arabia adding an additional 1mn b/d cut of its own, initially just for July.

This special report, which draws on recent analysis from our flagship business intelligence services, Argus Global Markets and weekly Petroleum Argus, examines the implications Opec+’s latest policy moves could have for oil markets, particularly in Asia, looks at what other options Opec has left if, as many now fear, oil demand follows a weaker path than expected over the second half of 2023, and assesses the longer-term steps Opec is taking to restore the credibility of individual members’ output targets.

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