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No Evidence of OPEC+ Cuts Impacting Physical Market: ANZ Strategist

OIL

Deep oil production cuts pledged by OPEC+ members are not being reflected in oil prices because there is no evidence of them impacting the physical market right now according to ANZ’s Senior Commodity Strategist Daniel Hynes.

  • “It’s only the 1.1mn bpd cut that OPEC agreed to in April that’s actually been implemented – even then we’ve probably seen lower cuts than what they stipulated then. The official cut for July is only a few days in now.” Haynes said.
  • “Exports and production from Russia continue to flow into the market despite the rhetoric from the Russians themselves” he said, “There’s just no evidence yet of those supply cuts coming through.”
  • “Markets will keep pushing lower until they see sustainable signs of tightness in the market” Hynes added.
Energy BulletsCommodities
Energy BulletsCommodities

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