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Oil Market Deficit to about 2mbpd in 2H 2023 on OPEC Cuts: Bloomberg

OIL

OPEC+ voluntary output cuts could deepen the oil market deficit to about 2mbpd in 2H 2023 according to Bloomberg scenario analysis.

  • They see the market deficit combining with any substantial inventory depletion likely forming a constructive price backdrop assuming a deceleration in the global economy doesn’t drive a significant demand slump.
  • Resilient Russian output, higher Iranian flows and a slower-than-expected demand recovery have kept the market well-balanced so far this year.


Source: Bloomberg

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