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Today, there are two main problems in the oil market. The first one is a huge surplus in oil stockpiles. Moreover, the situation is deteriorated by fears of the second wave of coronavirus.
Chris Midgley, a director of S&P Global Platts Analytics, assumes that oil demand will rise by 4 million barrels per day each month until the end of August amid the economic recovery. However, in September, the growth rate may slow down to 1 million barrels per day amid the seasonal recession. In other words, the world could face oversupply again in autumn.
OPEC + participants have achieved a result. The implemented measures have removed 14.5 million barrels per day from the market. Nevertheless, experts doubt that Iraq and Nigeria will continue to comply with the terms of the deal and fulfill their obligations.
Moreover, rising oil prices have encouraged some US companies to increase production. In this regard, the US oil market has more or less stabilized, but the country is afraid of the arrival of the second wave of COVID-19.
Platts Analytics experts suggest that "black gold" prices will remain in the range of $35- $45 per barrel in the near future. However, for many oil producers this range is hardly acceptable.
Mercuria's head Marco Dunand noted that Saudi Arabia, the United States, and non-OPEC oil producers are ready to raise prices above $40 per barrel.
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