The Australia and New Zealand (ANZ) banking group analysts offer their outlook on oil prices, especially in the face of the recent sell-off.
Key Quotes:
“We believe the sell-off is overdone.
Supply side issues have been pushed into the background amid an escalation in the trade conflict.
OPEC’s oil production fell to 29.8mb/d, lowest in last 5-years.
Saudi Arabia is now looking to cut deeper in the coming months, while OPEC+ remains committed to rebalance the market.
This should offset some of the fears about weaker demand.
The upcoming OPEC meeting, Sep 12 – to discuss strategy to halt the fall of oil prices.
Deeper cuts, designed to support the market, may result.
US oil demand is slowing. “
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