On February 11th, analysts such as Martijn Rats from Morgan Stanley stated in a report that “tariff actions and countermeasures may exert particular pressure on oil intensive sectors of the global economy, thereby triggering uncertainty in oil demand. This environment may also lead to OPEC+extending the current production quota again, and OPEC+extending production cuts may create a ‘balanced market’ in the second half of the year. Due to the expectation of prolonged production cuts, the bank has lowered its supply forecast for the second half of the year by 400000 barrels per day.
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