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BOFA Sees Another OPEC Supply Cut This Year

OIL

BOFA anticipates another OPEC supply cut of 500kbpd this year, in June or later, as OPEC aims to keep the global oil market balance tight, BOFA’s Global Head of Commodities Trading, Francisco Blanch said.

  • The global oil market will see a supply deficit in the second half of this year. The deficit is going to get deeper in the course of the next six to nine months because OPEC wants a higher deficit, and demand from developed market is expected to improve, Blanch said.
  • BOFA is forecast Brent Crude at $80/bbl by year-end and $90/bbl in 2024.
  • China’s reopening has been proceeding with a lot more caution than expected but current lower prices are attractive for China and demand is expected to pick up later this year, he added.
  • The price cap on Russian seaborne crude exports has been working really well, as Russian barrels continue to flow but the discount to the Brent has grown, he added.
Energy BulletsCommodities
Energy BulletsCommodities

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