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OIL: OPEC+ Agreement on New Baselines Would Support OPEC+ Unity: JPMorgan

OIL
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Agreement on revised OPEC+ member production capacity and baselines “would be a critical and positive outcome,” according to JPMorgan via Bloomberg.

  • “New quotas that are accepted across the group and (better) reflect effective productive capacities, should ultimately support OPEC+ unity,” the note said. “We find the alliance unity to be as strong as ever.”
  • OPEC+ could maintain current cuts for a few quarters with a decision unclear on whether halted supplies will be restored at the upcoming meeting on June 1.
  • JPMorgan “can see a case for it to gradually add back the barrels given global oil demand remains strong.”
  • “The line between fundamental (supply/demand outlook) and non-fundamental factors (geopolitical uncertainty, upcoming major elections, etc.) is becoming increasingly blurry.”
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Agreement on revised OPEC+ member production capacity and baselines “would be a critical and positive outcome,” according to JPMorgan via Bloomberg.

  • “New quotas that are accepted across the group and (better) reflect effective productive capacities, should ultimately support OPEC+ unity,” the note said. “We find the alliance unity to be as strong as ever.”
  • OPEC+ could maintain current cuts for a few quarters with a decision unclear on whether halted supplies will be restored at the upcoming meeting on June 1.
  • JPMorgan “can see a case for it to gradually add back the barrels given global oil demand remains strong.”
  • “The line between fundamental (supply/demand outlook) and non-fundamental factors (geopolitical uncertainty, upcoming major elections, etc.) is becoming increasingly blurry.”