Key takeaways:
Saudi Arabia is pressuring under-compliant members like Iraq and Kazakhstan to meet quotas by accelerating production growth.
The bank also downgraded U.S. crude production forecasts, seeing output falling by 100,000 bpd in 2025 and 150,000 bpd in 2026.
Barclays says the faster supply growth could modestly loosen global oil market balances, adding pressure to prices.
OPEC+ to accelerate oil output hikes, warns of ending voluntary cuts if compliance lagsOil price futures gap lower to open the week's trade - OPEC+ supply hike cited
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For interest, and noting this is not what the market is thinking right now, some analysts are arguing that OPEC's decision to increase oil production is not overly bearish, the main reason being that most of the increase is in the production ceiling, not production ... and is only on paper. It, in effect, legitimises overproduction that is already in the market.
Oil up
as a ps. Morgan Stanley lowered its oil price forecasts earlier also, cuts it Brent forecast by US$5 / barrel for 2025
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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