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Free AccessOIL: OPEC May Return a Fraction of Cuts Amid Lengthening Markets After Q3: BNP
Tighter global oil balances are expected in Q3 2024 on seasonal demand, before weakening in Q4 with additional supplies from OPEC+ and the US, according to BNP Paribas this week cited by Bloomberg.
- “Any additional OPEC+ barrels will however lengthen crude markets as non-OPEC supply growth can satisfy normalizing demand growth.”
- “We don’t expect crude markets strong enough to sustain a full unwinding of the 2.2m b/d voluntary cuts by October 2025.”
- “We expect OPEC+ will be able to bring back a fraction of its voluntary cuts,” with an increase of 500kb/d expected in 2024-2025.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
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.