The 411,000 barrels daily that OPEC+ said it would add to oil production in May have not materialized, commodity analysts from Morgan Stanley said. “Notwithstanding the around 1 million-barrel-a-day increase in production quotas between March and June, an actual increase in production is hard to detect,” the team, led by Martijn Rats said in a note today, as quoted by Bloomberg.
“Notably, it does not appear that production in Saudi Arabia has ramped up significantly,” the note also said. The data Morgan Stanley used to see…Morgan Stanley: OPEC+ Fails to Deliver on Output Pledge
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