London’s International Energy Week is one of the key industry events, when figures from across the energy world come together to discuss trends and dynamics that are expected to shape energy markets in the year ahead. This year, as attendees gathered, the leading Opec+ countries have also been preparing to decide whether or not to rollover voluntary cuts beyond March. The clear consensus from IE Week is that, despite strong demand growth expectations, there won’t be room for these barrels to return in full in 2024.
Market consensus is one thing, and far from infallible, but Opec+ sources themselves are also giving little indication that they are keen to push a nominal 1.696mn b/d (2.2mn b/d if Russian export cuts are included) back into the market. Even though the cuts would only be unwound gradually, increased Opec+ production would threaten to erode recent fragile prices gains which have brought Brent futures back above $83/B, providing a welcome revenue. (CONTINUED - 1085 WORDS)
