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Potential OPEC+ supply delay
Oil prices continued their move lower yesterday. While ICE Brent settled a little more than 1.4% lower on the day, NYMEX WTI settled below US$70/bbl for the first time since December. The continued weakness comes despite reports that OPEC+ is looking to delay its supply increase scheduled for October. Clearly, lingering demand worries outweigh any potential delay in this supply increase. If these reports turn out to be correct, the next key question is how long the group will delay their supply increases. The oil balance is in surplus through 2025 (assuming OPEC+ increases supply) and so continuing cuts into 2025 ... (full story)
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- Posted: Sep 4, 2024 8:22pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 107
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