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OIL: OPEC+ Unlikely to Boost Output in Q4: SEB

OIL

The OPEC+ producer group is unlikely to proceed with the planned output boost from Q4, according to SEB analyst Ole Hvalbye cited by Bloomberg.

  • “Current market fundamentals suggest that OPEC+ is unlikely to increase production in the fourth quarter” as this could lead to a market oversupply.
  • “At present, there is no room for these additional volumes.” The OPEC group provisionally plans to restore 543kb/d of output in Q4 2024.
  • Money managers positioning also suggests a “bearish outlook.”

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