BY: ALASTAIR NEWTON
OPEC: is the end (finally) nigh?
OPEC ministers upbeat, foresee new members joining, aiming for 40% of global oil production by 2040-45.
Cartel holds firm on 2.35M bpd forecast, hints at doubling 2024 growth vs. IEA. Underinvestment concerns persist.
OPEC+ cut output thrice, totaling 4M bpd. Saudi Arabia extends 1M bpd cut, Russia to trim 500K bpd in August.
OPEC+ cuts lead to $78.47 per barrel for Brent crude, down from $91.80 before the first cut. Extensions possible.
OPEC vs central banks' inflation struggle, China's below-expectation recovery flagged by David Sheppard.
Cartel's struggle may expose market's disbelief in oil scarcity. Price rise challenges investor perceptions.
OPEC vs IEA views on oil demand growth and peak oil. Investors downplay structural supply shortfall risk.
2023 oil stability hides lack of long-term fear, marginalizing short-term factors. OPEC+ should take notice.
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