Banca March: The production cap was introduced in November and is valid until the first quarter of 2024 and, last month, it was extended until mid-year. The agreement is paying off for the cartel, with the price of Brent crude oil reaching $90 per barrel yesterday, helped by other factors such as tensions in the Middle East and the attacks on Russian refineries. At yesterday’s session they decided to maintain…

Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance. Saudi…

BancaMarch| OPEC oil production has fallen by 350,000 b/d. According to the cartel’s report, crude oil production has fallen by 350,000 barrels per day between December and January to 26.3 million barrels per day. The main reduction is due to 162,000 barrels per day less from Libya, as a result of internal conflicts in the country. Kuwait and Iraq have also seen their production fall sharply by 109,000 and 98,000…

Link Securities | According to OPEC’s monthly report, global oil demand will grow by 2.2 million barrels per day (mbd) in 2024, which means that the cartel’s analysts have maintained their estimates from the previous month unchanged. Thus, demand for crude oil will reach 104.4 mbd in 2024. In that year, according to OPEC, demand will be driven by strong demand for air travel and healthy road mobility, including diesel…