OPEC: is the end (finally) nigh?

BY: ALASTAIR NEWTON

OPEC ministers upbeat, foresee new members joining, aiming for 40% of global oil production by 2040-45.

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Cartel holds firm on 2.35M bpd forecast, hints at doubling 2024 growth vs. IEA. Underinvestment concerns persist.

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OPEC+ cut output thrice, totaling 4M bpd. Saudi Arabia extends 1M bpd cut, Russia to trim 500K bpd in August.

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OPEC+ cuts lead to $78.47 per barrel for Brent crude, down from $91.80 before the first cut. Extensions possible.

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OPEC vs central banks' inflation struggle, China's below-expectation recovery flagged by David Sheppard.

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Cartel's struggle may expose market's disbelief in oil scarcity. Price rise challenges investor perceptions.

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OPEC vs IEA views on oil demand growth and peak oil. Investors downplay structural supply shortfall risk.

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2023 oil stability hides lack of long-term fear, marginalizing short-term factors. OPEC+ should take notice.

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