Oil prices have surged recently, partly due to expectations that OPEC will extend its production cuts into next year. However, some members of the group are emphasising the need for an exit strategy, to avoid shrinking OPEC’s market share by even more. This means that oil prices could move sharply if OPEC announces an exit plan at its next meeting in June. This Energy Watch will set out our view that the cartel is likely to increase production next year and examine how the market may react to OPEC increasing its output after two years of propping up oil prices.
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