OPEC+ makes last-minute change with meeting switched to Riyadh  

Quantum Commodity Intelligence – OPEC+ has made another about turn and will now hold its 2 June ministerial meeting in the Saudi capital rather than online, prompting speculation of a broader policy decision. 

The venue had been switched last week from an in-person Vienna gathering to an online meeting, which was widely seen at the time as a signal there would be no changes to current output policy with reductions rolled over for at least another quarter.

However, given the short notice, analysts said that only a partial in-person meeting was expected with more far-flung nations still likely to join online. 

But the second venue switch comes amid rumours over the day that Saudi Arabia is spearheading a more complex deal that would extend some of the long-term reductions due to expire at the end of the year into 2025. 

"We would not entirely rule out a plot twist - in the form of a deeper cut - given Saudi Energy Minister Prince Abdulaziz bin Salman's penchants for Hollywood twist endings," said Helima Croft of RBC Capital Markets, commenting before the venue switch had been confirmed.

This comes after Dubai crude prices - the primary benchmark for Middle East crude sales - slumped by 6% for May versus the April average. 

Sources said that the switch to Riyadh likely means a more meaningful policy discussion, with online meetings typically only taking a matter of minutes, although so far it was unclear how many members would be sending a ministerial-level delegation.