Morningstar say OPEC is operating from a weak position, to weigh on oil ...Middle East

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A Morningstar energy and utilities strategist says OPEC is operating from a position of weakness, in an oversupplied marketpointing to near-term oil price weaknessoil prices are more likely to hit S70 a barrel (WTI) and perhaps below S65 by the end of 2024OPEC has three separate cuts in progress at the moment, totaling 5.86 million barrels per day.The key phrase in the announcement, in our view, was that the monthly increases from the reversal of the 2.2 million barrels per day cut can be "paused or reversed subject to market conditions." In other words, we could expect the 2.2 million barrels per day reversal to be placed on hold, if the market remains oversupplied. The extensions look par

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Last updated : 06 June 2024 clock 01:13 AM

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Morningstar say OPEC is operating from a weak position, to weigh on oil ...Middle East

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