OPEC+ to roll-over?; China commodity imports up

With less than a month to go until OPEC+ meets to decide upon its next policy move, rumours are heating up as to what its move will be. Last week, anonymous OPEC+ sources suggested that the 2.2 million bpd of voluntary cuts would be extended once again, while on Tuesday Russia’s energy minister Alexander Novak reiterated that the group would raise production “if necessary”. No decision has yet been made but we think it is likely to be a close call when the group meets on 1st June.