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Free AccessCiti Forecasts OPEC+ Cuts to Push Through 2024
Citi expects OPEC+ to maintain its voluntary cuts through 2024 due to global surplus expectations according to Max Layton, its Head of Commodities Research in a Bloomberg tv interview.
- “We think overall, a lot of the move is done” referring to the recent price collapse following the latest OPEC+ meet Leyton said.
- “OPEC+ is doing some work to rebalance the market in the first quarter and our base case is they will be successful in doing that.” he said.
- “The pressure increases for them [OPEC+] to roll these cuts forward for the remainder of the year” Leyton said.
- “We forecast around a 1mn bpd surplus for the second quarter [next year]” and a 0.6mn bpd surplus through the whole of 2024 he added.
- “These cuts do need to be maintained to balance the market through the course of next year, in our base case.” Leyton said.
- If the OPEC+ nations work together to comply with cuts they can hold crude in the $70-80/bbl range according to Layton but if spare capacity comes back online he warns of collapsing prices.
To read the full story
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Please enter your details below.
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.