Free Trial

Oil Markets Recover Ahead of OPEC Monthly Report


Oil markets are recovering ahead of latest OPEC monthly report out at 1200 GMT (1300 Vienna time). The latest report will help to indicate OPEC production levels.

  • Last week saw a number of reports suggesting strong seaborne outflows from the USA, Guyana and Saudi over the prior 28 days. Iranian, Kazakhstani and Venezuelan flows edged lower over that period.
  • Markets are also eyeing US CPI data this week as well as the IEA monthly report while Fed comments late last week leaned more hawkish again.
  • Potential supply disruptions from the Middle East have eased while concerns around US and China demand build.
  • Expectations that Saudi may have to extend voluntary supply cuts into 2024 are building against the weaker price backdrop with questions around their ability to get volumes back into the market on current fundamentals.
  • Brent JAN 24 up 0.2% at 81.56$/bbl
  • WTI DEC 23 up 0.2% at 77.31$/bbl

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.