Barclays' outlook for oil:
- expect non-OPEC+ supply growth to slow significantly over coming quarters and lot of incremental weakness in demand is likely already in price
- forecasts US oil output to grow 700 kb/d q4-to-q4 in 2023 and 300 kb/d in 2024, with Permian still driving most of the gains
- OPEC+ will likely remain proactive with primary goal of avoiding sustained surplus
These seem to make sense. Lower prices is not going to encourage non-OPEC to expand output a great deal. Permian to inch up though.
