Commodities Weekly: Oil supply concerns retake the reins

While various tariff-related carveouts have helped to ease concerns about some of the most acute tail-risks facing global oil demand, support for benchmark prices is being eroded by renewed concerns that OPEC+ could be poised to bring more oil into an already adequately supplied market. Against this backdrop, the risks to our long-held forecast for Brent crude to end the year at $70pb are skewed to the downside.

Note: we will be discussing the future of OPEC+, oil prices, and the Gulf in an online briefing on Wednesday 7th May at 1pm BST/8am EST. You can register here.

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