market expected OPEC+ to add back an extra 500k bpd every month from Aug for 5 months, but last week they agreed to add back only 400k bpd each month adding up to 2m extra bpd by the end of the year. UAE had a disagreement over their baseline which disadvantaged them. Last nights final meeting to resolve the matter was cancelled without agreement and is not planned to be rescheduled. So zero barrels will be added back. Here is OPEC’s own forecast deficit predicting 2.22 mmbbls/day Q4 deficit. I don’t know about you but I can’t help myself doing a Richie Benaud… 2.22
