OPEC+ and Global Oil Markets:

OPEC+ has not only fully returned to market the 2.2 million barrels per day of nominal voluntary supply cuts made in November 2023, it has also committed to a first monthly return of 1.65 million barrels per day announced before then. The market has been absorbing the higher supply with a few bearish impacts. This has been for two essential reasons: 1. refinery margins are robust and crude stocks are relatively low globally; and 2. summer oil burn for power generation in the Middle East is more than one million barrels per day above Spring levels. But, the summer power generation season will be over after September, as global refinery demand for crude also falls during Autumn season. How will the market move? How might OPEC+ members respond?

Opening Remarks

Gary Ross, Founder of PIRA; CEO of Black Gold Investors LLC; NY Energy Forum board member

• Adam Sieminski, Former Administrator of the U.S. Energy Information Administration and Current Senior Advisor and Former President of KAPSARC, Individuals
• Amena Bakr, Head of Middle East and OPEC+ Insights, Kpler
• Natasha Kaneva, Head of Global Commodities Strategy, J.P. Morgan

• Carolyn Kissane, Associate Dean, Center for Global Affairs, School of Professional Studies, NYU

In collaboration with