The Organization of the Petroleum Exporting Countries (OPEC) and other major crude producers led by Russia, a group so-called OPEC+, agreed on June 1 to continue gradually increasing oil production. “OPEC+ is in a very good position and I would have thought they had a very pleasant meeting this week because they can certainly

see that they are out of the woods in terms of short-term oil risk,” Chris Weafer, co-founder of Macro-Advisory in Moscow, told New Europe by phone on June 3, noting that there is a recovery in demand in the big oil markets.

https://www.neweurope.eu/article/the-last-party-in-the-oil-market/

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