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OPEC+ Likely to Extend Cuts in Some Form into Q2: Energy Aspects

OIL

OPEC+ is likely to extend some if not all oil production cuts into Q2 which would reduce the market surplus according to Energy Aspects last week.

  • Inventory data may eventually show a deficit rather than surplus in Q1 as stocks declined in January.
  • Oil markets are in a “healthier condition” than futures prices suggest with traders not sufficiently convinced to take long positions. “The physical markets are telling us that actually markets have tightened,” said Amrita Sen
  • China is importing more Russian oil and Iran has depleted stockpiles held in floating storage.
Energy BulletsCommodities
Energy BulletsCommodities

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