Bankinter: Saudi Arabia prepares to increase oil production. Thus abandoning its objective of placing Brent at ~$100/barr. An increase in production means taking a decision that is the opposite of the measures that OPEC+ was applying. For reference, it is currently cutting 5.86M barrels of oil per day (bpd), which corresponds to around 5.7% of world oil demand. Within the aforementioned cuts, 3.66M bpd will be extended until the end…

Morgan Stanley’s Michael Zezas (Head of US Policy) discusses the potential implications of an environment of geopolitical uncertainty, and where there is the potential for more countries to become involved in the recent open conflict in the Middle East. Although he acknowledges that there may be further consequences that are very difficult to predict, he highlights three conclusions where conviction is highest: 1.- Increased spending on Security => European and…

Norbolsa| Brent continues to rise this week to over $86/B, at the same time that US oil inventory data fell by 15.4 million barrels (1.37 million expected), according to sources citing American Petroleum Institute figures (official data due out today), marking the largest drop in crude inventories since 1982. Oil prices are expected to rise further in the coming months following Saudi Arabia’s reduction of 1m/b per day from July.