Regarding the OPC+ meeting and announcement, previous information:
- Goldman Sachs says the outcome of the OPEC+ meeting is bearish for oil
- More from OPEC+: Saudi Energy Minister says waiting for interest rates to fall
- HSBC kept its Brent crude price assumptions steady after the OPEC+ meeting
In brief, OPEC's announcement included plans to phase out voluntary production cuts of 2.2 million barrels per day
- These reductions will begin to be phased out over a 12-month period starting in October
- More than 500,000 barrels per day will return to the market by December
- It will return 1.8 million barrels per day by June 2025
RBC isn't so sure:
- “Some people are reading the OPEC statement, especially the part about adding barrels from the voluntary cut, as bearish.”
but:
- “They were very clear that this was going to be data-driven.”
- “As we get to the end of August, if the underlying picture looks worse than what we have now, they will pause this addition.”
Oil update, hour candles:
This article was written by Eamonn Sheridan at www.forexlive.com.