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Upside Oil Price Pressure From OPEC+ Cuts and Storage Decline in H2: IEF

OIL

Oil may rise in H2 with a decline in crude in storage over the next few months according to International Energy Forum.

  • Curtailed OPEC+ supply will continue to put a lot more pressure on prices according to secretary general Joe McMonigle in an interview with Bloomberg. Saudi Arabia is likely to extend its output cuts as the OPEC+ producers’ group aims to turn market sentiment.
  • “You’re going to see massive inventory draws in next weeks or months” that will lead to supply deficit, he added
  • Negative market sentiment around prospects of a recession continue to drag on oil but market focus will be on supply in 2H as demand continues to grow.
  • OPEC+ doesn’t want prices to get too high to avoid hurting the economy, McMonigle said.
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