LONDON (ICIS)--ICIS senior oil analyst David Jorbenaze discusses developments in the global crude markets, with geopolitical tensions and global economic trends continuing to shape the Q3 2024 market outlook, as the OPEC+ alliance weighs the next steps in its production accords.
Highlights:
-OPEC Supply Strategy Adjustments: Considering easing production cuts in Q3 2024 if oil prices stay above $90/bbl, in response to rising global demand and increased output from non-member countries.
–Economic Recovery and Demand Growth: Supported by a rebounding Chinese economy and global economic growth, leading to higher expected oil consumption into 2025.
-Geopolitical Risks and Market Volatility: Increased tensions, particularly between Israel and Iran, along with potential interest rate hikes by the Federal Reserve, contribute to heightened market uncertainty and price fluctuations.