April showers bring May sours

摘要

Opec+ ministers will hope the decision to skip their monthly meeting on 28 April does not prove misguided. A furry of extra sour crude from the alliance’s members will hit the market over the next three months and demand in their key Asian markets increasingly threatens to stagnate or fall. Spot and forward price signals show values for sour crude — perhaps 90pc of Opec+ output — weakening just as producers expected a market recovery after a year of swingeing cuts.