Weak global demand a risk to OPEC+ plans
The recent confirmation from OPEC+ that it intends to go ahead with the plans to gradually increase oil production from April has coincided with ongoing signs of weakness in global oil demand. Although OPEC+ has given itself plenty of wiggle room to change its mind again in the future, the downside risks to our already below-consensus end-2026 oil price forecast are building.
Meanwhile, metals benchmark prices in the US surged in anticipation and following the introduction of tariffs by President Trump. But, with that the policies announced at the National People's Congress in China unlikely to prevent the Chinese economy from slowing over the coming years, we still expect global metals demand growth and international benchmark prices to fall.
Drop-In: We will be hosting an online briefing to discuss these topics as well as all the big stories in commodity markets – and the ones that aren’t getting enough attention. Join us on Thursday 13th March at 11:00 EDT/15:00 GMT. Register here.
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