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BofA Expects OPEC+ Extension in H2 2024

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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.

  • “They [OPEC} are quite bullish on demand and that’s perhaps a bit of a surprise, that’s 2.4mn bpd in terms of demand growth expectations for 2024 compared to the IEA at 1.1mn bpd,” Blanch said.
  • “OPEC is constructive on demand, they will likely keep the cuts and expect the prices to lift a little higher,” he added.
  • “[Demand} data is looking better across Europe and China, US data has decelerated a touch but its still pretty strong – the global economy is looking a little better than even a few weeks back,” he said.
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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.

  • “They [OPEC} are quite bullish on demand and that’s perhaps a bit of a surprise, that’s 2.4mn bpd in terms of demand growth expectations for 2024 compared to the IEA at 1.1mn bpd,” Blanch said.
  • “OPEC is constructive on demand, they will likely keep the cuts and expect the prices to lift a little higher,” he added.
  • “[Demand} data is looking better across Europe and China, US data has decelerated a touch but its still pretty strong – the global economy is looking a little better than even a few weeks back,” he said.