Insight
OPEC+ and UAE compromise points toward market stability
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 18 July, OPEC+ held an unexpected meeting to decide on production levels for August and the extension of the current agreement for 2022. The decision impact is not expected to be significant on our price forecast since we were already forecasting a rise in OPEC+ production during H2 2021 and 2022. In this insight, we provide an initial view of the agreement’s impact on the short term outlook. We also look at demand side risks and crude stocks.
Table of contents
- Implications for our forecast
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Demand – weighing the risk
- But is there downside risk for US demand recovery story?
- OECD crude stocks
Tables and charts
This report includes the following images and tables:
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Implied stock change in million b/d base case (9 July 2021 Monthly Update)OECD crude inventories (million barrels)
What's included
This report contains:
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