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📝 Further OPEC+ Supply Cuts Suggest Upside to Our Brent Forecast: ING Strategy

Our balance sheet shows that the additional voluntary cuts announced yesterday ensure that the marginal surplus that had been forecast for 1Q24 will be erased, and in fact, we now see a small deficit. This suggests that there is some upside to our current 1Q24 ICE Brent forecast of US$82/bbl and full-year 2024 forecast of US$88/bbl. However, this will largely depend on how OPEC+ goes about unwinding these cuts and obviously on how demand plays out next year.

A concern for the market is the fact that these announced cuts were voluntary rather than OPEC+ wide cuts. These voluntary cuts suggest that it is becoming difficult for members to agree on OPEC+ cuts

- ING Strategy



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