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OPEC+ Supply Hike Delayed in Face of Risk Off Environment

OIL
  • OPEC+ coalition members issued a statement on OPEC’s website advising that the expected increase in production is now on hold.
  • Production was expected to be ramped up by up to 180,000 barrels per day from next month.
  • There is a longer term plan to ramp up production over the course of 2025 and for now that plan appears to remain, though the implementation period appears extended.
  • The risk off sentiment in global markets was the overriding driver of Oil overnight as it steadied in Asian morning time at $69.30, having peaked at $70.75 earlier
  • Brent too is off its peaches having traded through $74 earlier, before hitting a one year low $72.69 and now settling at $72.80.
  • Ahead of tonight’s major data releases in the US it could be expected that the volatility should subside throughout the day as the market digests the push pull between supply news and expectations for US interest rates.
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