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Oil at Tipping Point With Strong Case for Additional OPEC+ Volumes: JPM

OIL

“We are at a tipping point in the oil markets, where there is a strong case to add volumes” at the OPEC+ meeting on June 1, according to Christyan Malek at JPMorgan via Bloomberg.

  • The Saudi Arabia’s decision will be primarily based on customer demand for cargoes weighed against the risk that extra supply will damp volatility and push prices lower.
  • “Saudi Arabia can see the nominations — it’s the equivalent to looking at the queue around the building.”
  • “Demand is strong” and “we’re going into this quarter from a starting point of already-tight inventories.”
  • “This is a balancing act: there’s a case to add, and also a case not to add. It’s not clear-cut.”
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