MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

August Exports On Solid Footing,  Country Detail Shows Double Digit Y/Y Pace

MNI: JAPAN JULY EXPORTS +10.3% Y/Y; JUNE +5.4%

MNI: UK MAY-JUL MEDIAN PAY AWARDS +4.5% :Brightmine

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

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

Citi Forecasts OPEC+ Cuts to Push Through 2024

OIL

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.
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.