September 05, 2024 12:25 GMT
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.
76 words