May 30, 2024 15:46 GMT
Analyst Views on Upcoming OPEC+ Production Decision
OIL
Consensus among analysts is that OPEC+ will extend their voluntary production cuts in Q2.
- Goldman Sachs no longer expects a partial unwinding of the OPEC+ voluntary production cuts at the meeting on June 1 with “lower OPEC+ supply for longer.”
- Morgan Stanley expect OPEC to extend its current production agreement, including voluntary cuts, to year-end.
- Barclays assumes that OPEC+ will partially roll back voluntary adjustments over Q3 but would not be surprised if cuts are rolled over into H2.
- BofA expects OPEC+ to extend its current cuts into the second half of the year according to Francisco Blanch, its Securities head of global commodity and derivatives research in a CNBC interview.
- BNP Paribas expects OPEC+ production cuts to remain in place possibly until year end with current fundamentals not supportive for supply to return.
- UBS said that they expect OPEC+ to extend current production cuts for at least another three months.
- RBC’s Helima Croft said that she saw no appetite for adding more barrels into the market and trigger another price move to the downside.
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