Free Trial

OPEC+ Cut Unwinding May Be "Non-Starter": RBC

OIL

Oil markets are suffering from broader macro concerns but also a more specific backdrop of lacklustre Asian demand according to RBC’s head of commodity strategy, Helima Croft.

  • “Even before we had the jobs report, or manufacturing data, we were concerned about weaker imports into China and weaker refinery utilisation in China,” Croft said.
  • Croft referred to OPEC+ unwinding cuts later this year as a “non-starter” if the current economic trend continues and cited the possibility of further cuts as a “circuit breaker” for falling prices.
  • “The markets still have to consider Middle East instability but right now everyone is looking at economic data,” Croft added.

To read the full story

Close

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.