Europe’s firm demand, softness in US supply growth coupled with a possible extension of OPEC+ cuts through 2024 outweigh downside risk from persistent softness in China’s demand
Near-term growth in global oil and liquids production will be driven primarily by the US, Guyana, Canada and Brazil, offsetting voluntary production cuts by OPEC+
Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned
US Secretary of State Antony Blinken is in the region to discuss a ceasefire offer between Israel and Hamas
OPEC+ is due to hold an online ministerial meeting to discuss 2024 production targets
The drop in prices comes as concerns around supply disruptions due to the Israel crisis ease along with a reduced demand for China
To ease oil supply pressure, the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition
The eruption of the Israel-Palestine crisis threatens to derail US efforts to broker a rapprochement between regional powers
Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia