OPEC+ Quota Hikes Yet to Deliver Oil Surge, Morgan Stanley Says

The OPEC+ alliance may be boosting oil-production quotas at a significant pace in a push to restart idled capacity, but that shift has yet to translate into big gains in actual output, according to Morgan Stanley.

“Notwithstanding the around 1 million-barrel-a-day increase in production quotas between March and June, an actual increase in production is hard to detect,” analysts including Martijn Rats said in a June 9 note. “Notably, it does not appear that production in Saudi Arabia has ramped up significantly.”