Oil Market Bulletin - Oil prices remain well supported by OPEC+
The July ministerial meeting of OPEC+ ended with no decision on further production easing and a proposed extension of the current dealDespite frictions between the UAE and Saudis, we would still expect OPEC+ to play an active role in managing global oil supply
With global oils focusing more on low carbon capex, markets reliance on National Oil Companies is expected to increase, which should be supportive for short/medium-term oil prices
We do not buy into the idea of a new commodity supper-cycle and stick to our long-term forecast of USD 60/bbl for Brent
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