Insight
OPEC+ solves the riddle of the oil market
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 1 images and tables including:
- Global implied stock change
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global products market weekly: Refining margins ease as crude continues to climb on geopolitical tensions
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Macro oils short-term outlook: April 2024
This quarter’s tighter fundamentals provide support to prices as the oil market focuses on political risk
$2,000
Commodity Market Report
Global products market weekly: Margins firm as gasoline cracks price above distillates
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
