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OIL: OPIS Points Towards Crude Oversupply in 2025

OIL
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Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.

  • He added that the return of barrels by OPEC+ towards the end of the year will also place pressure on crude.
  • Theres a possibility of a wider conflict in the Middle East but it’s not a probability.
  • “I think oil is destined for much lower values, all the balances point to more oil than needed in 2025,” Kloza said. 
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Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.

  • He added that the return of barrels by OPEC+ towards the end of the year will also place pressure on crude.
  • Theres a possibility of a wider conflict in the Middle East but it’s not a probability.
  • “I think oil is destined for much lower values, all the balances point to more oil than needed in 2025,” Kloza said.