ANZ on oil - selloff overdone

Author: Eamonn Sheridan | Category: News

Summary comments from ANZ on oil, we believe the sell-off is overdone

  • Supply side issues have been pushed into the background amid an escalation in the trade conflict. 
  • OPEC's oil production fell to 29.8mb/d, lowest in last 5-years. Saudi Arabia is now looking to cut deeper in the coming months, while OPEC+ remains committed to rebalance the market.
  • This should offset some of the fears about weaker demand

ANZ note the upcoming OPEC meeting, Sep 12:
  • meet to discuss strategy to halt the fall of oil prices
  • Deeper cuts, designed to support the market, may result
Also say US oil demand is slowing. 
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