Oil will keep drawing strength from Middle East geopolitics, OPEC+ strategy for now - ET EnergyWorld
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Tensions between Israel and Iran could lead to a military conflict that could involve major oil and gas producers in the Middle East, including Saudi Arabia and the UAE. The Middle East accounts for nearly 40% of global oil exports, and any escalation of conflict could impact trade flows through the Strait of Hormuz, a critical shipping lane. Despite rising global oil inventories, ongoing geopolitical developments and OPEC+'s market management strategy are expected to support oil prices. China's oil demand gains are expected to slow, but the global macroeconomic outlook is somewhat positive. Non-OPEC+ liquids production is forecast to rise in 2024, while crude oil production within OPEC+ is expected to be lower. Ukrainian drone attacks on Russian refineries pose an upside risk to crude and product prices.
#Oil #MiddleEast #Geopolitics #Opec+ #Israel #Iran #SaudiArabia #Uae #StraitOfHormuz #China #GlobalMacroeconomicOutlook #Nonopec+LiquidsProduction #CrudeOilProduction #Ukraine #Russia