OPEC+ and Global Oil Markets

OPEC+ is expected to fully return to market by end-September the 2.2 million barrels per day of nominal voluntary supply cuts. The market has been absorbing the higher supply with minimal price impact. This has been 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? Panel Members

• 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

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