Insight
OPEC+ solves the riddle of the oil market
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
After the OPEC+ 4 June announcement, Brent prices initially rose that evening. However, the increase was short lived due to persistent market concerns about the risk of falling into recession. Setting aside the fears of possible recession, the outlook for oil demand and supply remains broadly supportive for Brent prices in the second half of 2023. Read our insight to find out: • The tricky issues OPEC+ faces • Implications for Asian refiners • Impact of OPEC+ decision in H2 2023 • What does it mean for China?
Table of contents
- Key decisions of the OPEC+ meeting
- Tight market outlook in H2 2023
- OPEC+ faced tricky issues at its meeting
- China demand recovery at risk?
- Upside risk to Russia supply
- Key risk to our oil price outlook: Refining behaviour
Tables and charts
This report includes the following images and tables:
- Global implied stock change
What's included
This report contains:
Other reports you may be interested in
Insight
OPEC+ production cuts tracker
Includes 7 September agreement to unwind a second tranche of production cuts from October 2025.
$1,350
Insight
US upstream in brief: LLOG's Salamanca FPU adds to Gulf of America production growth
The US week in brief highlights the need-to-know current events from US upstream. Stories are supplemented with proprietary WoodMac views.
$1,350
Insight
Thrive, not survive, in the cutthroat Asian refining and oils market
Takeaways from Wood Mackenzie APPEC Briefing 2025 in Singapore
$900
