Crude oil prices may continue to rise in the second quarter of 2024, but they remain subject to the considerable short-term uncertainty that dogged them at the start of the year.
The Organization of Petroleum Exporting Countries and its allies have agreed to extend their production cuts of 2.2 million Barrels Per Day. Saudi Arabia is of course the groups’ serious muscle. Its voluntary one million BPD share of the reductions is set to be in place through to the end of June.have risen this year. Keeping them in place will offer the market plenty of underlying support.
There are also signs that Chinese demand is getting back to pre-pandemic levels. In the western industrial economies, inflation’s grip is relaxing and there’s broad central banking consensus that interest rates have peaked. Falling rates and cheaper credit ought also to be good news for energy demand.and Gaza will continue to hit the energy market via any number of channels. Russia remains under Western sanction and Ukrainian attacks on its energy infrastructure appear to be increasing.
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