The decision by OPEC+ to extend current production cuts and an additional voluntary 1 million b/d reduction for July from Saudi Arabia should provide support for prices in the rest of 2023, according to Wood Mackenzie. “Setting aside various markets’ fears of possible global recession, the outlook for oil demand and supply remains broadly supportive for Brent prices in the second half of 2023,” said Ann-Louise Hittle, Vice President Macro Oils, at Wood Mackenzie. “We forecast a significant implied global stock draw in Q3 2023, and we expect the OPEC+ 4 June decision to increase the implied stock draw for that quarter ... (full story)