Live Cattle (last value 2.53) USD/bbl.
Key Brent Crude (ICE) News
Oil prices have edged higher in recent weeks, supported by robust demand recovery and ongoing supply discipline by OPEC+. Key drivers include resilient global economic activity, especially in Asia, and tighter supply due to geopolitical tensions in major exporting regions. However, risks remain elevated with potential demand slowdown from emerging market inflation and the threat of increased US shale output which could cap further gains.
IEA Oil Market Report June 2024
OPEC Monthly Oil Market Report June 2024
Oil Prices Rise as Demand Outlook Improves, Supply Tightness Persists - Bloomberg June 2024
US EIA Weekly Petroleum Status Report June 2024
Recent oil supply-demand dynamics show tightening due to a combination of sustained OPEC+ production cuts and resilient global demand, despite ongoing inflation pressures and slower economic growth in some regions. The main driver remains coordinated supply restraint to support prices amid geopolitical uncertainties, chiefly Russia-Ukraine tensions and Middle East risks. Key risks include demand destruction from aggressive monetary tightening and potential policy shifts in major consuming countries, which could rapidly alter the balance and price outlook.
IEA Oil Market Report June 2024
OPEC Monthly Oil Market Report June 2024
EIA Short-Term Energy Outlook June 2024
Bloomberg: Oil Rallies as OPEC+ Cuts Tighten Supply
Reuters: Global Oil Demand Growth Faces Headwinds Amid Inflation Concerns
The oil cost curve remains elevated amid ongoing supply chain disruptions and geopolitical tensions, particularly the Russia-Ukraine conflict impacting major producers. Costs for new developments are rising due to inflationary pressures on materials and labor. While high prices incentivize increased production from higher-cost producers, demand uncertainty from global economic slowdown and energy transition policies pose constraints. Near-term curves show upward pressure, but medium-term trajectories depend on demand resilience and technological advances lowering production costs.
IEA Oil Market Report May 2024
IEA Analysis on Oil Supply Costs and Market Dynamics
OPEC Monthly Oil Market Report June 2024
Bloomberg: Inflation Drives Up Oil Production Costs Despite Demand Threats
S&P Global Commodity Insights: Oil Cost Curve Adjusts Amid Tight Margins
