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OPEC+ Will Have Trouble Adding Supply Next Year: Analysts

OIL

OPEC+ oil producers, including Saudi Arabia and Russia, will have difficulty unwinding production cuts next year as demand growth slows, according to analysts Gary Ross (Black Gold Investors) and Ed Morse (Hartree Partners).

  • They told the MPGC conference by S&P Global in Dubai that the upcoming meeting in June will see OPEC+ agree to maintain production cuts at current levels.
  • The analysts said that the oil market is “in a transition” from soft to stronger supply and demand balances tightening in Q2.
  • Ross forecasts a gradual increase in prices in Q3 as stockpiles begin to diminish.
  • Morse highlighted the issue for Saudi Arabia of a free rider problem: as the Kingdom cuts production, other producers, such as the US and Russia, can increase their output.
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