Gibson Shipbrokers - Weekly Tanker Market Report
Gibson Shipbrokers - Weekly Tanker Market Report
This week, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a virtual meeting where they agreed to maintain current production levels. This comes after their announced output cut in October 2022 of 2 million bpd from Novemebr until the end of 2023; driven by concerns about the state of the global economy, the oil demand outlook and a subsequent drop in crude prices. In their latest Oil Market Report, the IEA estimates OPEC+ December crude production at 38.33 million bpd for those members in the current output cut deal which corresponds to 1.77 million bpd under target
At the time of writing, oil prices are trading below the symbolic $100/bbl level, while the supply and demand balance does not feel particulary tight and Russian crude exports remaining resilient despite the crude price cap. Whether OPEC+ should revise its current targets in 2023 for the time being remains uncertain. While the demand outlook seems more optimistic, this is far from guaranted.
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