OPEC Watch Supply constraints still likely to push the oil price higher The latest OPEC oil market report confirms that OPEC countries implemented a fresh round of voluntary production cuts in May, slashing the group’s crude output by 0.4m bpd. Similar to OPEC’s own view... 13th June 2023 · 3 mins read
OPEC Watch Supply constraints still likely to push the oil price higher The latest OPEC oil market report confirms that OPEC countries implemented a fresh round of voluntary production cuts in May, slashing the group’s crude output by 0.4m bpd. Similar to OPEC’s own view... 13th June 2023 · 3 mins read
OPEC Watch Five key takeaways from Sunday’s OPEC+ meeting Oil output will be more constrained in the second half of this year if the OPEC+ members stick to their recently-announced production quotas. However, we have also raised our forecast of Russian... 5th June 2023 · 4 mins read
OPEC Watch OPEC+ unlikely to change output targets OPEC+ is unlikely to change its output target at the meeting this Sunday. After all, crude supply is already constrained, but prices have fallen on demand concerns. Accordingly, it is unlikely that... 1st June 2023 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (May) OPEC crude oil production declined in April due to export disruptions in Iraq. Production should fall even further in May when OPEC+ output cuts come into effect. Elsewhere, the easing of some US... 11th May 2023 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Apr.) Despite justifying its recent production cuts on an uncertain demand outlook, OPEC did not make any changes to its 2023 global GDP or oil demand forecasts in its monthly report for March. We think the... 13th April 2023 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Mar.) OPEC’s monthly report for March noted that the group has stuck to the production targets agreed in October last year. Accordingly, we have revised down our forecasts for the group’s output in 2023. 14th March 2023 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Feb.) OPEC’s monthly report for February did not make any major revisions to its forecasts. That said, the group is clearly worried about both the outlook for global demand and supply from Russia. We think... 14th February 2023 · 4 mins read
OPEC Watch OPEC Monthly Oil Market Report (Jan.) OPEC left its annual supply and demand forecasts broadly unchanged but tweaked the quarterly profile. Like us, the group expects demand to rise faster than supply, which is a key reason why we expect... 17th January 2023 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Dec.) OPEC lowered its world oil demand forecasts for the next six months yesterday, but raised its demand forecasts for the following six months. This supports our view that the cut to OPEC+ output quotas... 14th December 2022 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Nov.) OPEC’s monthly report for October showed a sharp drop in the group’s production, and further falls are likely if members are to abide by their new quotas from November. 14th November 2022 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Oct.) OPEC’s latest report shows that the group still expects demand for its crude oil to increase next year. This bolsters our view that the countries cutting supply from November will eventually reverse... 12th October 2022 · 3 mins read
OPEC Watch Any OPEC+ cut will not be as large as it seems OPEC+ may announce a major cut to oil production quotas tomorrow. But with the current quota not being met, the actual hit to oil supply will be much smaller. We estimate that a 1m-barrel-per-day (bpd... 4th October 2022 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Aug.) OPEC’s monthly report for August showed that the group continues to produce significantly less than its quota and we expect this trend to continue in the coming months. OPEC is clearly worried about... 11th August 2022 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (July) OPEC unveiled its oil market forecasts for 2023 in its monthly report today. OPEC is more bullish than us on demand, forecasting an increase of 2.7m barrels per day. But even though it is also quite... 12th July 2022 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (June) The gap between OPEC-10’s quota and output widened further in May, which adds weight to our view that the group will fail to fully unwind its production cuts by year-end. What’s more, whilst OPEC now... 14th June 2022 · 3 mins read
