MNI BRIEF: ECB Cut On Disinflationary Process Trust-Centeno

CANADA MAY JOBS +26.7K VS FORECAST +20K, PRIOR +90.4K

MNI China Daily Summary: Friday, June 7

MNI BRIEF: Mexico Inflation 4.69% In May, Below Consensus

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI: US APR CONSUMER CREDIT +$6.4B

MNI: BAKER HUGHES US RIG COUNT 594; OIL RIGS 492; GAS RIGS 98

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BOFA Forecasts OPEC to Support $90/bbl Brent

OIL

OPEC is facing pressure from non-OPEC supply growth according to Francisco Blanch, Head of Global Commodity and Derivatives Research at Bank of America

  • “Heading into next year – we foresee a meaningful increase in non-OPEC production” he said to CNBC.
  • He said markets are seeing increased growth in Guyana, Brazil, Canada and the US, the latter of which he referred to as delivering a “phenomenal year of growth in 2023.”
  • For this week’s meeting he said “I still believe they will cut and I still believe they will support the market so we can maintain a $90/bbl scenario for next year on Brent – a little lower for WTI but its all contingent on OPEC maintaining supply tight to accommodate slower demand and of course that surge in non-OPEC output we continue to see”
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.