The extent of the production gains racked up by the most dominant producers within the Opec+ grouping in June highlight that they had already increased production prior to the 22 June Opec meeting. Russia and Saudi Arabia added a combined 400,000 b/d between them, clearly showing that they were not leaving Vienna with the pre-existing country limitations still in force.

Yet a mammoth 310,000 b/d monthly gain by Saudi Arabia in June was still not sufficient to substantially bolster Opec...