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Brent crude rose above $70 a barrel after the Organization of the Petroleum Exporting Countries and its alliance (OPEC+) predicted a tightening in global markets
.
London futures rose 1.
5%
after rising for the second straight month.
According to the OPEC+ Committee's assessment of the market, the excess oil accumulated during the pandemic has all but disappeared, and inventories will decline
rapidly in the second half of the year.
The alliance is expected to approve plans to increase production in July when it meets later on Tuesday
.
The strong recovery in the US and Europe has led OPEC+ to believe that the market can absorb more oil, although Iran could provide more supply if the nuclear deal is reopened and Covid-19 makes a comeback
in Asia, especially India.
The OPEC Joint Technical Committee predicts that inventories will shrink by at least 2 million barrels
per day from September to December.
OCBC economist Howie Lee said: "With countries pushing for a global consumption recovery, there is now some confidence that improved demand should be able to absorb Iran's possible additional 2 million barrels per day of oil if it
materializes.
" ”
Fereidun Fesharaki, chairman of industry advisor FGE, believes that market fundamentals are strong and oil prices could climb to $
80 per barrel by mid-Q3 in the absence of Iranian supplies.
Iran's comeback "will happen in an orderly, transparent way that won't be made?? into unease"
.
However, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Tehran that the country could quickly resume crude oil production
.
Wayne Gordon, wealth management strategist at UBS, said in an interview: "The market is clearly tightening and the strategy OPEC has taken here is working
.
We expect crude oil prices to be as high as $
75 heading into the beginning of next year.
”
Meanwhile, Asian refineries are grappling with what is expected to be a brief margin weakness amid a return of a virus
, which has crippled demand.
Singapore, as the region's representative, has seen a decline in composite refining margins since the end of April, but higher vaccination rates are expected to boost demand
.
Brent crude rose above $70 a barrel after the Organization of the Petroleum Exporting Countries and its alliance (OPEC+) predicted a tightening in global markets
.
London futures rose 1.
5%
after rising for the second straight month.
According to the OPEC+ Committee's assessment of the market, the excess oil accumulated during the pandemic has all but disappeared, and inventories will decline
rapidly in the second half of the year.
The alliance is expected to approve plans to increase production in July when it meets later on Tuesday
.
The strong recovery in the US and Europe has led OPEC+ to believe that the market can absorb more oil, although Iran could provide more supply if the nuclear deal is reopened and Covid-19 makes a comeback
in Asia, especially India.
The OPEC Joint Technical Committee predicts that inventories will shrink by at least 2 million barrels
per day from September to December.
OCBC economist Howie Lee said: "With countries pushing for a global consumption recovery, there is now some confidence that improved demand should be able to absorb Iran's possible additional 2 million barrels per day of oil if it
materializes.
" ”
Fereidun Fesharaki, chairman of industry advisor FGE, believes that market fundamentals are strong and oil prices could climb to $
80 per barrel by mid-Q3 in the absence of Iranian supplies.
Iran's comeback "will happen in an orderly, transparent way that won't be made?? into unease"
.
However, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Tehran that the country could quickly resume crude oil production
.
Wayne Gordon, wealth management strategist at UBS, said in an interview: "The market is clearly tightening and the strategy OPEC has taken here is working
.
We expect crude oil prices to be as high as $
75 heading into the beginning of next year.
”
Meanwhile, Asian refineries are grappling with what is expected to be a brief margin weakness amid a return of a virus
, which has crippled demand.
Singapore, as the region's representative, has seen a decline in composite refining margins since the end of April, but higher vaccination rates are expected to boost demand
.
