US SPR should work in tandem with OPEC+, says oil expert Johnston
Update: 2024-06-25
Description
The oil market is waiting for clarity on oil demand given a lack of consensus over the outlooks outside the big consumers and is asking questions over oil balances mainly with gasoline and diesel given the arrival of big refiners like Dangote and the impact on the rest of the downstream industry, says Commodity Context founder Rory Johnston in an interview with Petroleum Economist editor-in-chief Paul Hickin. He also highlights the market’s nagging doubts as to what price point OPEC+ is looking to defend at the end of Q3 when some of the cuts may be unwound and suggests it would be better for the oil market if the US worked in sync with OPEC+ to help provide stability via its limited but useful SPR tool.
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