Posted 11/22/2023, 11:01:00 AM
OPEC Given Bearish Oil Outlook As Supply Rises, Prices Fall Before Key Meeting
- Onyx Capital Group, top oil swaps dealer, gave OPEC a bearish oil market outlook presentation
- Presentation showed two big Brent crude sell-offs recently shifted market to bearish sentiment
- Forward curve signals expectation of increased heavy crude supply and rebuilt inventories in 2023
- OPEC+ ministers meet Sunday to likely discuss output cuts to shore up falling oil prices
- Banks JPMorgan and BNP Paribas also gave presentations to OPEC's Economic Commission Board