- OPEC Secretary-General Affirms Resilient Oil Demand
OPEC Secretary-General Haitham Al-Ghais stated at the St. Petersburg International Economic Forum on Thursday that oil demand remains resilient. "It's crucial to stay focused on the fundamentals," he emphasized. "Economic growth, supply, and demand are what drive our decisions."
Al-Ghais noted that global demand increased by 2.3 million barrels per day in the first quarter, typically the weakest quarter due to global refinery maintenance. He anticipates continued strong demand in the coming months, particularly with the uptick in summer travel.
- Saudi Energy Minister Dismisses Bearish Response to OPEC+ Deal, Confident Market Will Adjust
Saudi Energy Minister Prince Abdulaziz bin Salman dismissed the market's bearish reaction to OPEC+'s decision to gradually phase out voluntary output cuts, expressing confidence that the market will adjust. "Give it a day or two, reality will set in," he stated at the St. Petersburg International Economic Forum on Thursday. He criticized some banks and media outlets for their narratives around the meeting and reaffirmed that OPEC+ made the right decision. "I know that we did the best job," he asserted.
The OPEC+ meeting initially triggered an oil selloff, exacerbated by short selling and movements in the options market, as traders worried about potential oversupply. However, Abdulaziz emphasized that OPEC+ retains the flexibility to pause or reverse production increases based on market conditions.
- OIL OUTLOOK
Oil prices increased early as we mentioned, recovering from a four-month low, which was the lowest point since February. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated.
Technically:
The price has stabilized within the bearish zone, having already corrected the previous barrier which is 75.39. This suggests a continuation of the bearish trend, with potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570.
Conversely, if the price stabilizes above 75.400, it may indicate a bullish trend, potentially reaching up to 78.070.
Pivot line: 75.390
Support lines: 72.50, 70.57, 68.12
Resistance lines: 76.80, 78.07, 79.35
The movement range will be between support 70.57 and Resistance 76.80
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