Will OPEC+ Production Cut Support Market Rebalancing?

Swift and bold OPEC+ cuts revive premiums in Asia’s physical oil market.
Sale of two Russia’s ESPO crude cargoes for July loading at a premium of $2.50-$3 a barrel to the Dubai benchmark.
Exxon Mobil Corp (NYSE:XOM). for Middle Eastern grades, sold Upper Zakum for July loading at a premium of $1.30-$1.50 a barrel.
Discount for Qatar’s medium-sour variety Al-Shaheen also narrowed more than 80% month-on-month for shipments.
Brent oil’s six-month contango narrowed sharply to $2.76 a barrel,...