OPEC views diverge

The EIA confirmed a decline in commercial crude stocks of about 6.7 mb, maintaining September delivery ICE Brent contracts at elevated levels, 74.5 $/b. There is increasing uncertainty around the OPEC meeting today as the Russian and Saudi delegations’ opinions diverge. We still believe they will deliver a 500 kb/d production increase. If that does not materialize, we think prices will remain at current levels, as the current financial length in futures contracts is already elevated. 

Middle eastern crude
Share this news :

You might also read :

ES-economy
February 21, 2022

Roller coaster

Financial markets continue to move in tandem with news from the Russian-Ukrainian border. At the end of last week, there was widespread pessimism ahead of…
ES-oil
May 20, 2022

Oil follows equities markets

Oil prices climbed on Thursday, in a volatile trading session. On ICE, Brent for July delivery settled 2.7% higher to $112.04/b, the contract traded between $105.70/b…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet? 

[booked-calendar]