October 09, 2024 12:22 GMT
OIL: Excess OPEC+ Capacity Hanging Over Sector: Exane BNP Paribas
OIL
Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
- Excess OPEC+ capacity is set with insufficient global demand to absorb non-OPEC supply growth expected in 2025.
- A Brent crude price decline to $60-65/bbl is required to stimulate demand growth and drive short-cycle U.S. supply curtailment.
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