Oil Market: Prices firm, tensions remain

Crude prices have been firming head of the Opec+ countries’ next virtual meeting, to be held on 10 June. Some members have already called for the May-June cuts – which were to remove 9.7m b/d of crude from the market – to be extended into July and beyond.Saudi Arabia, Kuwait and the UAE have been highlighting their commitment to even deeper cuts to further lift prices – with Saudi Aramco ordered to reduce output to 7.49m b/d in June, a full 1m b/d below the agreed quota.