OPEC+ Move To Defend Market Share

ING Economic and Financial Analysis
4.55K Followers
(6min)

Summary

  • The shift in OPEC+ policy suggests that oil prices will come under pressure towards the end of the year.
  • European gas prices are expected to remain well supported to bring in enough LNG.
  • The key upside risk to our view is around Russian oil supply.

Petroleum, petrodollar and crude oil concept : Oil pump jack and flag of OPEC or Organization of Oil Exporting Countries, depicts the investment in the development or production of global oil industry

William_Potter

By Warren Patterson

OPEC+ goes with another large supply hike

Despite OPEC+ originally announcing three larger-than-expected supply hikes this year (the latest being a 411k b/d increase for July), which have essentially cemented the shift in the group’s output policy, oil prices

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