OIL: HSBC Sees Accelerated OPEC+ Supply Hikes in August and September
Jun-06 10:00
OPEC+ - HSBC said on Friday that it expects OPEC+ to accelerate supply hikes in August and September, which is likely to raise downside risks to its $65/bbl Brent price forecast from Q4 of 2025, Reuters reports.
- Bloomberg cited an FGE note earlier with a similar sentiment to HSBC.
- The consultancy said OPEC+ is likely to announce another “triple” unwind in August and September and could also then end with a “double” unwind in October to complete reversing its earlier 2.2m b/d cuts.
- Bloomberg reported on Wednesday that Saudi Arabia is pushing for further large OPEC+ hikes.
- Under OPEC+, Saudi Arabia is looking to add ‘at least’ 411kbd in August and potentially September the report said.
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ERH6 98.87/99.37/99.87c fly, Bought for 3 in 4k.
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