makeymakeyscratch| mhmarkets: OPEC plans to establish long-term oil management alliance

Mhmarkets reported thatMakeymakeyscratchOPEC will establish a long-term oil management alliance to achieve a balance between supply and demand in the market. According to sources, OPEC will announce changes in crude oil production in its upcoming monthly oil market report (MOMR) in May, in order to adapt to changes in market demand. According to mhmarkets, this change will make the assessment of crude oil demand by producers in the Declaration of Cooperation (the official name of OPEC+) more relevant, thus better assessing the balance of the market.

In the April report, OPEC issued the Declaration of Cooperation for the first time, crude oil demand assessment and OPEC crude oil demand outlook. Mhmarkets revealed that they will no longer release estimates of OPEC crude oil demand from May.

According to OPEC, demand for Declaration of Cooperation crude oil is expected to reach 43% by 2024.Makeymakeyscratch2.2mb / d, which is about 0.9mb/d higher than the forecast in 2024. Meanwhile, OPEC+ crude oil demand is expected to increase to about 44 million b / d by 2025, an increase of 800000 b / d over the 2024 forecast.

This year, OPEC crude oil demand is expected to increase to about 28.5 million barrels per day, an increase of 1.2 million barrels per day over the 2023 forecast. By 2025, OPEC crude oil demand is expected to reach about 29 million barrels per day, an increase of 400000 barrels per day over the 2023 forecast.

Mhmarkets believes that the OPEC+ Group, which includes OPEC member countries and 10 non-OPEC oil producers led by Russia, has a stronger influence in the market and is a key factor in global supply. They said OPEC+ would continue to withhold about 2.2 million barrels a day in the first half of this year and would decide on production cuts in the second half of the year in early June.

Although no final decision has been made on the communication of OPEC+, Saudi crude oil supply is expected to remain at 9mb/d in July, the same as before. Mhmarkets pointed out that the revision was made after data showed that global oil inventories were higher than expected, suggesting that the market was not as tight as OPEC had hoped.

With the price of Brent crude falling to a low of $80 a barrel since mid-April, OPEC+ may choose not to act on supply and stop increasing production from July. However, the agency also pointed out that the decision may be affected by factors such as the US election and market demand. While OPEC may have lost some market share, especially in the US, the OPEC+ alliance is strengthening its influence on the global oil market.

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