MNI Oil Weekly: OPEC+ Output Strategy in Focus

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Executive Summary:

• OPEC+ Output Strategy in Focus: OPEC+ quota unwinds have surprised the markets this year as speculation ahead of its September 7 meet grows. A lack of barrels hitting the market has somewhat kept pressure off but bearish fears grow that OPEC+ is taking market share more seriously and stock builds could emerge post summer.
• Oil Markets: Brent crude falls from a high of $69.53/bbl on Sep. 2 on potential for another OPEC+ supply rise to offset ongoing Russian supply risks. US diesel cracks have rallied to the highest since July at over $35/bbl amid a global supply crunch and refinery outages.
• Analyst Views: See oil market views and outlooks from key names in the industry.