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
Assessing the oil market impact of the Middle East conflict – 8 key questions answered
Production shut-ins, re-routing crude, IEA stock release and other non-OPEC supply response
$1,350
Insight
OPEC+ production cuts tracker
Includes latest agreement to resume unwinding of production cuts in April 2026
$1,350
Insight
The Middle East Conflict: at what price does the oil market rebalance?
A Brent price above $200/bbl is required to drive demand down to match the supply lost from a prolonged closure of the Strait of Hormuz
$1,350
