ANZ on oil - OPEC to cut supply further

Author: Eamonn Sheridan | Category: News

ANZ's outlook for price is fairly neutral out a week and month.

Citing:
  • We see macro factors continue to override the fundamentals. Further, the latest OPEC's August production has seen marginal increase; this aided the weaker market sentiments. That said, Saudi Arabia has still reduced its production more than promised. 
  • We expect the OPEC to cut supply further, and involuntary supply losses in Iran and Venezuela will keep the market tight in the coming months. 
Further out:
  • Prices are likely to move towards USD65/bbl

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