Opec production edged up for the second consecutive month in May, averaging 30.39mn b/d. With decision time approaching on whether Opec and its allies will extend production restrictions beyond their current end-June expiry, Secretary General Mohammad Barkindo says Opec is “closely monitoring oil market developments, which have seen a high level of volatility in recent weeks.”

Downwards pressure on prices over the past five years has typically been driven by supply-side dynamics...