Reading the OPEC+ tea leaves: rollover is on the cards

The decision by OPEC+ to move its crunch meeting from in-person on Saturday in Vienna to online on Sunday, historically a sign of an uneventful meeting, suggests that members will rollover production cuts into the second half of this year. But a host of mixed messages over the past few weeks has muddied the waters. The overriding impression is that appetite from some members for another rollover of cuts is waning. But despite these divisions, it seems more likely at this point that there is a full rollover of output cuts until the end of this year.