In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, Managing Editor, Economics, takes a midyear look at the global oil market, noting developments thus far with a look at what may lie ahead.
Global crude inventory has been building steadily year-to-date. In an apparent oversupply, price action has a followed the fundamentals.
Market sentiment has been shaped by three major forces: escalating macroeconomic uncertainties surrounding the US and China, OPEC+'s evolving production strategy, and political risks amid military conflicts in the Middle East.
In short, we are in a market where risks remain high. Barring unexpected disruption or major policy reversal, oil price momentum could continue to drift sideways through this year's third quarter.
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