OPEC does not correct, but clarifies – Commerzbank

The OPEC was the last of the three agencies to present its monthly update of its forecasts this week, according to CommerzBank raw material analyst, Barbara Lambrecht.

OPEC remains significantly more optimistic than IEA

“There were no reviews in the demand forecast, since the lowest level of global oil demand presented in the annual five -year perspective last week had already been taken into account here. However, with the global oil demand increasing by 1.3 million barrels per day, the OPEC remains significantly more optimistic than the IEA, which expects the demand to increase only half of that amount.”

“The report provided a little more clarity with respect to the production of oil from Saudi Arabia. It was distinguished between production, which was reported at 9.75 million barrels per day and, therefore, significantly above the objective, and the market offer, which was just below 400,000 barrels per day less.”

“In part due to this distinction, we believe that the high production is likely to be rather an isolated case and that Saudi Arabia will cut its production again; but it will probably refrain from compensatory production cuts. The Minister of Energy of Saudi Arabia also pointed out in a statement that the country was in line with the quotas and that large quantities had fluid to storage. They will report for a month. “

Source: Fx Street

You may also like

Guardian: Rumors of Fire Pause Agree
World
Flora

Guardian: Rumors of Fire Pause Agree

Information transmitted by Economist correspondent Oliver Carroll on social media is also reproduced by the Guardian on an agreement that