Last week's Opec+ meeting surprised markets with an agreement to lift production quotas by over 1.1mn b/d between May and July, not including Saudi Arabia’s own pledge to unwind its own 1mn b/d of additional voluntary cuts over the same period. While the global crude oil market seemed to take the news well, Opec+ has acknowledged that these plans aren't set in stone and could still change should circumstances require.

In this episode of The Crude Report, Argus Opec correspondent and Dubai Editorial manager Nader Itayim details what was agreed upon, and what factors could result in Opec+ changing course - a big possibility should we see a potential return of Iranian volumes in the coming months.