Recent developments in the oil market have highlighted a series of mixed messages and contentious discussions surrounding OPEC+ production cuts, particularly involving Iraq. Initially, there were indications that Iraq would not extend its output cuts, conflicting with the expectations of 87% of Bloomberg respondents who anticipated a full extension into the second half of the year. However, subsequent reports suggest that Iraq may be reconsidering its stance, potentially influenced by diplomatic efforts, possibly from Saudi Arabia. Additionally, the oil market is reacting to broader demand concerns, as evidenced by a decline in oil prices attributed to weak fuel demand and a strong dollar, with Vitol's Muller noting that demand growth may have peaked for the year. These market dynamics are unfolding amid allegations of price fixing involving U.S. shale companies, as reported by the WSJ regarding Pioneer's CEO, and ongoing debates over the impact of oil demand in relation to electric vehicles and green initiatives.
COLUMN: Oil traders' seasonal anxiety is hitting, but they need not worry about demand. Admittedly, there are pockets of demand weakness: diesel. Overlooked, however, are the pockets of consumption strength: gasoline and jet-fuel. #OOTT | @Opinion https://t.co/B6pLcxOKgr
Oil traders' seasonal anxiety is hitting, but they need not worry about demand, writes @JavierBlas https://t.co/3FwuJ3ackq via @opinion
Oil extends fall on signs of weak fuel demand Read More: https://t.co/I3LjlBpOzC #ARYNews https://t.co/M516chDORL
Nevermind Those EVs — Oil Demand Keeps Growing Fuel efficiency and green initiatives haven’t slaked the world’s thirst for crude. #oott https://t.co/w9vyIi8X8J
Oil traders' seasonal anxiety is hitting, but they need not worry about demand, writes @JavierBlas https://t.co/XFo27WHpaG
$XOM $OXY | US Shale Companies Accused Of Collusion Over Oil Price - FT https://t.co/SuJSGhKL0Y
Oil extends decline on signs of weak fuel demand, strong dollar https://t.co/Y8T1GelWEL https://t.co/SnepooApRf
⚠️ OIL EXTENDS DECLINE ON SIGNS OF WEAK FUEL DEMAND, STRONG DOLLAR Full Story → https://t.co/vQVRxAm4y5
#OOTT | Oil Edges Lower As Iraq’s Mixed Messages Put Spotlight On OPEC+ - BBG https://t.co/fW0UN0QRwy
Iraq walking back those earlier comments about not participating in extending cuts. Some “diplomacy” happening behind the scenes…Saudi style. https://t.co/LTIyHN1MMS
So Iraq is not opposed to OPEC+ quotas...welcome to classic cartel misinformation campains $USO $UCO $BNO https://t.co/MRaQLOk7i6
WSJ out with an article on OPEC and FTC claims against Pioneer's CEO. Somehow @wsj missed: 1) fixing prices is illegal & wrong, particularly when the government helps limit competition. 2) Pioneer grew its oil production rapidly. What price fixing? https://t.co/Kw9sqawmHJ
Weekend OPEC drama, Iraq edition, didn't take long to resolve. As long as global oil demand continues to grow faster than global supply, OPEC drama will continue to be background noise. How it started / How its going https://t.co/k7o4cEKuWN
What’s So Bad About Fixing Oil Prices? A U.S. oil CEO’s alleged collusion with OPEC isn’t as alarming or evil as it seems H/t @Bob_McNally #oott https://t.co/VFAB4B8whP
Oil giving up gains as demand growth may have peaked for the year, Vitol's Muller says - SPG
Oil giving up gains as demand growth may have peaked for the year, Vitol's Muller says #oott https://t.co/e0OaduRzbH
Iraq not happy with the OPEC+ production cuts? Well, it’s not really cutting and things could get contentious come June. We wrote about it in this week’s WCTW. https://t.co/mu22Hn632O https://t.co/QUZhTXubq6
CRUDE OIL Hearing that Iraq won't extend output cuts. Remember, 87% of bbg respondents expect full extension of cuts to H2. Also remember, cuts are only bullish when they go against consensus expectations. When consensus expects cuts...news flow is asymmetrically bearish. https://t.co/Zx0zELSs9x