For those of you interested in Oil talkLooks like today's price action is more worried about the short term, than the long term..?
"OPEC+ agreed to extend 3.6 million barrels per day in production cuts through the end of 2025. But Saudi Arabia, Russia and several other countries will gradually phase out a separate round of 2.2 million bpd in cuts over 12 months starting this October." “It now appears OPEC+ will add volumes to the market beginning in Q4′24 which may create a modest oversupply and downward price pressures,” Wells Fargo analysts led by Roger Read told clients in a note.
But JPMorgan analysts said the decision by OPEC+ Sunday is largely neutral for global oil prices in 2024. The production cuts combined with summer driving should increase Brent prices by $10 to the $90-per-barrel range by September, according to the investment bank.