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Oil Set For Large Supply Deficit in Aug & Sep: Standard Chartered

OIL

Oil set for large supply deficits in Aug and Sep according to Standard Chartered as they maintain a Q3 Brent forecast at 88$/bbl and Q4 at 93$/bbl.

  • Supply deficits of 2.81mb/d in Aug and 2.43mb/d in Sep are expected due to a seasonal increase in demand combining with producer output restraint.
  • They also see deficits of above 2mb/d in Nov and Dec and again in Feb 2024.
  • The rise in benchmark prices is a belated market acknowledgment of a significant tightening in crude balances.

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