- Oil trades at a three-month high as concerns about a tight market offset economic worries
- September ’23 WTI gains 79c this morning to trade around $77.86/Bbl
- Equities steadied while the dollar continued to strengthen relative to its recent lows
- Saudi Arabia and Russia’s production cuts started taking effect, driving expectations that the market is set to move into deficit in 2H 2023
- Fed’s aggressive monetary policy continues to weigh on the demand outlook as the market expects another 25 interest-rate hikes this week
- Additionally, China's state planner announced measures on Monday to boost private investment in some infrastructure sectors and vowed stronger financial support for private projects
- OPEC+'s supply cuts are sufficient to balance the market, says UAE (Bloomberg)
- OPEC+'s production cuts are adequate to maintain balance in the market, according to UAE’s Energy Minister
- “We are doing this on behalf or for the benefit of all producers around the world and for balancing the supply and demand for oil consumers as well,” said Minister Suhail Al Mazrouei
- Russian oil exports fell for a second straight week, hitting a six-month low, with a further 0.5 MMBbl/d cut planned in August
- Saudi Arabia's oil exports dropped by 0.39 MMBbl/d to 6.93 MMBbl/d in May, with a further 1 MMBbl/d output cut announced for July and August