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OIL: HSBC Says Any Decision by OPEC+ Might be Taken Negatively by Market

OIL

HSBC said that brent price forecasts remain at $80/b for H2 2024 and $76.50/b for 2025, although downside risks are rising, according to Reuters.

  • HSBC added that any decision taken by OPEC+ may be taken negatively by the market.
  • The bank also said that production rises would tip the oil market into a meaningful surplus from Q1 2025 onwards.
  • HSBC said that holding off may also be interpreted as a belated admission by OPEC that oil demand is weak.

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