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Petrologica Cog (2)

Oil Market Weekly Briefing 12th June 2020 Brent Retreats To $38/bbl as US Inventories Build and Macro Picture Darkens

Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.

  • Brent has retreated from above $41/bbl to c. $38/bbl now, briefly at $37/bbl yesterday, as US inventories build again and the macro picture darkens
  • OPEC+ extended their agreement by one month, with Mexico leaving the group on schedule, as expected
  • Given how easily Saudi Arabia accepted further assurances of compliance, it is plausible all the compliance chatter pre-meeting was a way of talking up the price
  • The OECD downgrades its group GDP growth forecast to -7.5% for 2020, falling to -9.3% if a second wave of infections hits
  • Our latest Shale Monitor report tracks how 2Q20 is shaping up to be the worst ever for the sector – read it here
  • Tax relief in Norway has seen some project resumptions from Equinor and Aker
  • Equinor has also made a small find around Bay du Nord, potentially raising the possibility of a fresh frontier area for drilling

by Graham Walker // 12 June, 2020

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