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MNI Commodity Weekly: Rising Americas’ Oil Output Poses Challenge For OPEC

OIL

Executive Summary:

  • Rising Americas’ Oil Output Poses Challenge For OPEC: Non-OPEC oil production, particularly from the Americas, saw a huge boost in 2023, with growing output from the likes of the USA, Brazil, and Guyana eroding OPEC+’s grip on the global oil market.
  • Oil Markets: Crude markets have regained some losses while assessing Gaza ceasefire talks, Red Sea shipping disruption, robust global supplies and soft demand concern from the US and China. Oil product cracks have seen support from tight supplies amid refinery outages and tanker diversions.
  • Gas Markets: European natural gas prices continue their bearish trend with low demand, high storage levels and sufficient supplies shrugging off supply disruptions from Red Sea tensions and Norwegian outages. Asian LNG prices have also pulled back on muted Japanese and South Korean demand amid high stock levels and ample supplies. High output, below-normal demand and lower feedgas flows to LNG export terminals weigh on US natgas prices that fell to their lowest in almost ten months.
Full piece here:

MNI Commodity Weekly - Rising Americas’ Oil Output Poses Challenge For OPEC.pdf

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