Watch: OPEC+ committee to discuss output cuts rollback; Asian refiners restrict Mediterranean crude amid Red Sea attacks

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This week, the OPEC+ Joint Ministerial Monitoring Committee will meet on Thursday to discuss the possibility of rolling back some of the output cuts and increasing crude production in October. The committee's decision will be closely watched as crude prices have declined since reaching a summer peak in early July.

Asian crude importers, particularly Thai and South Korean refiners, may continue to limit purchases of Mediterranean crude due to ongoing attacks off the Red Sea coast of Yemen. The high shipping insurance premium and increased delivery distance have made it less economical to import grades like Saharan Blend and CPC Blend.

In metals and mining, ArcelorMittal is set to release its second quarter results in August, with eyes on whether its crude steel output and sales had managed to recover after a slightly weaker first quarter. German steelmaker Klöckner & Co is also due to release its results on the same day. It previously said it expected higher steel shipments and sales in the second quarter.

Germany will also be tendering three North Sea wind concessions on Thursday, offering developers a combined capacity of 5.5 gigawatts. The previous auctions have generated over 16 billion euros in fees for the development of 11 gigawatts of offshore capacity. Additionally, the German government is offering support for 2.7 gigawatts of onshore wind under 20-year sliding premium contracts.

I’m Geraint Moody, thank you for kicking off your Monday with S&P Global Commodity Insights.