Opec-Plus: New Deal, New Geopolitical Realities

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Opec-plus has extended its latest oil market management pact, including April’s voluntary cuts, until the end of 2024 and set new production baselines that come into force at the beginning of next year. The announcement was sweetened by Saudi Arabia’s surprise decision to make an additional voluntary 1 million barrel per day cut in July that might be extended. Combined, the measures could create a supply deficit this year and a balanced market in 2024. But the muted price reaction suggests much will now depend on whether the expected demand upswing in the second half materializes.

Opec/Opec-Plus, Oil Prices
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