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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.
OIL
OPEC+ and its allies have been hoping a seasonal bump in oil demand would lead to the unwinding of its production cuts from Q4, but crude prices have been sliding even with the JMMC meeting due Aug. 1, Platts said.
- Enthusiasm among the bloc to cut production even further remains low, with 5.8m b/d already idled since staged cuts began in Oct. 2022.
- However, ministers are wary of releasing barrels too fast and pushing down prices further. OPEC+ faces a common dilemma of choosing between defending prices or market share.
- Often forecasts see 2025 crude prices weakening further as more supply from the US, Brazil, Guyana, and Canada come online. Platts sees dated brent averaging $84/b in 2024 and $79/b in 2025.
- OPEC+’s decision making is also affected by the divergence in expectations of near-term demand, with OPEC’s forecast at 2.25m b/d, compared to 1.85m b/d in 2025.
Source: S&P Global Commodity Insights
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.
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