The 153rd (Extraordinary) Meeting of the OPEC Conference came and went on May 28. It produced no surprises, instead consolidating the production agreement reached in Algeria in December and reaffirmed in Vienna three months later, on March 15. It took place at a time of mixed signals about the outlook for the oil market in the coming weeks and months, with a widely perceived imbalance between strengthening spot prices and weakening fundamentals. Nevertheless, compared with the March meeting, there had been a positive shift in the nuances of the language used to describe the oil outlook ...
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