There is a lot of unused oil stored up around the world

The OPEC+ group of oil producers, led by Saudi Arabia and Russia, may have got inventory levels back up to where they want them, but that does not mean they can take their feet off the brakes on production just yet.

At their last meeting, inauspiciously held on April Fool’s Day, the group set out a path to restore some of their shut-down production over the next three months. The easing, but not yet the ending, of output curbs reflects a more optimistic view of demand for oil as the northern hemisphere moves into its summer months.

The output increases are relatively modest — 350,000 barrels a day in May, the same in June and another 440,000 barrels in July.