Oil Price: OPEC and IEA monthly reports this week
Posted: Mon May 13, 2024 9:21 am
Trading Economics:
> WTI crude futures went up above $79 per barrel on Monday morning, with oil traders eagerly anticipating market insights from OPEC on global balances, demand forecasts, and supply dynamics in their upcoming report on Tuesday.
> Additionally, the International Energy Agency is set to release their monthly "Oil Market Report" on Wednesday.
> OPEC+ is being closely monitored as they approach their policy meeting on June 1, where the decision to extend supply cuts will be made. Despite a rise in collective spare capacity, experts predict that OPEC+ will likely extend production curbs into the second half of the year.
> At the same time, Chinese credit and inflation data over the weekend indicated challenges in stimulating demand in the world's largest crude importer. However, the government's planned issuance of long-term sovereign bonds suggests a commitment to supporting economic growth and energy consumption.
> WTI crude futures went up above $79 per barrel on Monday morning, with oil traders eagerly anticipating market insights from OPEC on global balances, demand forecasts, and supply dynamics in their upcoming report on Tuesday.
> Additionally, the International Energy Agency is set to release their monthly "Oil Market Report" on Wednesday.
> OPEC+ is being closely monitored as they approach their policy meeting on June 1, where the decision to extend supply cuts will be made. Despite a rise in collective spare capacity, experts predict that OPEC+ will likely extend production curbs into the second half of the year.
> At the same time, Chinese credit and inflation data over the weekend indicated challenges in stimulating demand in the world's largest crude importer. However, the government's planned issuance of long-term sovereign bonds suggests a commitment to supporting economic growth and energy consumption.