The cartel is upbeat on the “stability of the global oil market” amid lower-than average gasoline and middle distillate inventories in the United States and Europe and expectations of healthy fundamentals in the second half of 2023.
“Looking forward, refinery maintenance and potential production outages during the US hurricane season could potentially tighten the Atlantic Basin market, hence prompting stronger economic incentives for East-to-West product flows,” the cartel’s economists wrote in the report, cited by At the same time, expectations of robust oil demand in the second half of the year, plus the OPEC+ readiness to intervene on the market at any time and as needed, “will ensure stability of the global oil...
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