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On May 9, Macquarie Group strategists including Vikas Dwivedi said in a report that the end of unusually long refinery maintenance periods and reduced OPEC+ crude supply should support oil prices into the third quarter.
The tightening of supply and demand has an impact on prices of US$5-10/barrel.
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OPEC+ production cuts and the interruption of Iraq’s oil shipments to Turkey’s Ceyhan Port since March 25 are all positive for sour crude oil.
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Analysts also said the supply crunch in the third quarter should ease in the fourth quarter as concerns about the economy in regions such as the United States took center stage.
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