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OIL: BP Sees Limited Scope for Increased OPEC+ Production

OIL

BP sees limited scope for OPEC+ to boost output amid downside price pressure from increasing supply from the US, Brazil and Guyana according to Bloomberg.

  • “They will also be nervous about bringing oil back on because if they do so, the total supplies are growing more quickly than demand and that will lead to instability in the market,” said Chief Economist Spencer Dale.
  • IEA data last week showed global oil markets could switch from a deficit to a surplus next quarter should OPEC+ proceed with plans to increase output from October and due to China’s lacklustre economy.
  • Demand, tensions in the Middle East, supply disruptions and weather conditions will drive oil prices in 2025, Dale said.
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