Executive Summary:
- Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back: Chinese and U.S. oil product demand backdrops have been a mixed bag so far in early summer, which along with strong non-OPEC supply growth left the group unable to unwind near-term cuts. Meanwhile, rebounding global jet recovery remains a key area of global demand strength.
- Oil Markets: Crude prices see a bearish reaction to the OPEC decision to return some voluntary cuts to the market after the rangebound price action in May. Fuel cracks hold up better than a more bearish crude complex but remain under pressure from healthy global supplies and underwhelming demand. (Pg.4)
- Analyst Views: See latest oil market views from main industry voices. (Pg.6)
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