The OPEC+ Joint Ministerial Monitoring Committee, which typically meets ahead of the main OPEC+ meeting of oil ministers, agreed to recommend that the group raise its output quotas by 432,000 barrels per day (BPD) from May, as expected. Focus now shifts to the OPEC+ meeting of oil ministers, which allegedly just begun. Likely, as has been the case in meetings over the last few months, a deal will be struck quickly. 

The OPEC+ meeting comes against the backdrop of a large intra-day decline in oil prices as a result of sources reporting that the White House is considering a record oil reserve release of up to 180M barrels over the next several months (allegedly amounting to about 1M BPD). OPEC+ nations have up until now ignored calls from the US and other major oil consuming nations (like India) to increase output at a faster pace.