Commonwealth Bank of Australia: OPEC+ may voluntarily maintain production cuts until the end of the year

On August 12, Jin10 Data reported that Vivek Dhar, an analyst at the Commonwealth Bank of Australia (CBA), wrote in a report that market conditions may force OPEC+ to maintain the scale of voluntary production cuts until the end of the year. Dhar wrote that the downside risks of crude oil demand are increasing due to expected weak demand and US refineries hoping to drop production capacity utilization. OPEC+'s supply policy is key to alleviating weak oil demand. Dhar expects that Brent crude futures will trade between $75-85 per barrel in the short term, and due to the tense situation in the Middle East, oil prices have upside risks for the rest of this year.