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Thoughts on OPEC+ Cuts and Demand Outlook for WTI
It's interesting to see WTI still holding around these levels despite the recent OPEC+ decision to extend voluntary cuts. I know the sentiment leans towards a tighter market, but I can't shake the feeling that global demand might not be as robust as some expect, especially with whispers of slowing growth in key regions. Are we pricing in too much of the supply side and not enough potential demand destruction? What are everyone's thoughts on the impact of, say, continued higher interest rates on industrial demand for crude going into Q3/Q4? Curious to hear some other perspectives on where the balance of power lies between supply management and actual consumption trends.
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That's a fair point. It does feel like a lot of the current price action is heavily weighted on the supply side, almost assuming demand will just naturally absorb it. I'm curious if anyone has strong data points on the actual on-the-ground demand in places like China or India, beyond just the official reports.