Insight
OPEC+ solves the riddle of the oil market
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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
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Global implied stock change
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