Commodity Market Report

Macro oils short-term outlook: June 2024

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OPEC+ held its meeting on 1-2 June and agreed to rollover one set of the voluntary cuts that was due to expire at end-June. The 2.2 million b/d voluntary cuts by eight countries will remain in place for Q3 2024 and then return in small increments through September 2025. Significantly for the market, the increases each month can be delayed if prices weaken. Highlights of this monthly update include: • Price reacts negatively to OPEC+ agreement • Impact of OPEC+ cut extension through Q3 2024 and plan to return some volumes thereafter • Maintenance and downtime on several FPSOs impacts Brazil output • A slowing recovery in global manufacturing could temper the distillate demand rebound this year

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    Macro Oils Short Term Outlook June 2024 Slidepack.pdf

    PDF 1.23 MB

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    Macro Oils Short Term Outlook June 2024 Data.xlsx

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    Macro Oils Short Term Outlook June 2024 Slide Charts.xls

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    Macro oils short-term outlook: June 2024

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