The outlook for the global crude markets remains contested
OPEC+ must wait on contested demand outlook
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
The outlook for the global crude markets remains contested, as evidenced by the widely divergent predictions for demand growth put forward by the IEA and OPEC already this year. Much will depend on the health of the Chinese economy and wider macroeconomic factors, such as inflation, across OECD economies. By contrast, there is more consensus on the outlook for the supply side of the equation. Forecasting is further complicated by the geopolitical divisions and sanctions that have fractured the global market and threaten to spill over into wider conflict. OPEC+ will not want to release the genie from the bottle for fear of not being able to put it back, but the ongoing voluntary cuts are cert
Also in this section
5 February 2025
Growing appetite for LNG reinvigorates discussions between China and Myanmar, but civil war may prevent talk becoming action
5 February 2025
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
