June 06, 2024 12:54 GMT
OPEC May Delay Output Cut Unwind: Citi
OIL
The gradual unwinding of 2.2m b/d of voluntary OPEC+ cuts planned for after September could be delayed in markets are weaker than expected, according to Citi analysts, cited by Bloomberg.
- "Overall, we maintain our base case that OPEC+ likely ends up holding full production cuts through 1H'25 in response to soft market conditions,” Citi said in a note.
- Citi remains bearish for 2025, expecting that even should OPEC+ supply remain flat, increasing non-OPEC+ supply will outpace demand growth.
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