On the OPC+ meeting and announcement, earlier info:
- Goldman Sachs says the OPEC+ meeting outcome is bearish for oil
- More from OPEC+: Saudi energy minister says waiting for interest rates to come down
- HSBC hold their Brent oil price assumptions steady after OPEC+ meeting
In a nutshell the OPEC announcement included plans to phase out voluntary production cuts of 2.2 million barrels per day
- would begin phasing out those cuts over the course of 12 months starting in October
- more than 500,000 barrels per day would return to the market by December
- 1.8 million barrels per day would come back by June 2025
RBC is not so sure:
- “Some people read the OPEC statement, particularly the part about the adding barrels back from the voluntary cut, as bearish”
But:
- “They were pretty clear that this is going to be data dependent”
- “As we get to the end of August, if the fundamental picture looks worse than what we have now, they would pause that addition”
Oil update, hourly candles:
