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HSBC Assumes OPEC+ To Keep Output Unchanged

OIL

HSBC expects OPEC+ will stay course during the next meeting on 3-4 June and keep current output quotas, as the producer group would want to wait and see the impact of the voluntary cuts first, the bank said.

  • "We think OPEC+ will wait to see the impact of the latest series of cuts before making any further changes to supply."
  • "We continue to think OPEC+ will take a flexible approach – if the expected deficit does not materialise in the summer, we could see further cuts from the organisation."
  • HSBC expects the current set of cuts, in addition to the stronger oil demand from China and the West from the summer onward, will bring about a deficit in the market in the second half of 2023.

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