From Morgan Stanley to SPI Asset Management, find out how these global financial institutions feel about the 2-million-barrel output slashThe Opec+ alliance agreed to its biggest production cut since the start of the pandemic in Vienna on Wednesday, a move that drew a swift rebuke from the US and prompted Goldman Sachs to increase its price forecast for global benchmark Brent crude this quarter.
Here’s what leading analysts have to say about the oil market after the group pledged to slash daily output by 2-million barrels from November 2022:“Brent will find its way to $100 a barrel quicker than we estimated before” after Opec+’s move, Morgan Stanley analysts, including Martijn Rats, said in a note. The reduction risks tightening markets significantly, though much depends on how Russian oil output fares once the EU’s embargo comes into force, they said.
Organisation for Economic Co-operation and Development releases of strategic oil reserves and higher demand from gas-to-oil switching this winter to squeeze the market. The [Opec+] reduction risks tightening markets significantly, though much depends on how Russian oil output fares once the EU’s embargo comes into force.The move is enough to dramatically change the balance for next year, pushing the market into a deficit for the whole of 2023, Warren Patterson, Singapore-based head of commodities strategy at ING Groep NV, said in an interview. There is a clear upside to the bank’s Brent forecast of $97 a barrel for next year, he said.
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