Oil poised for supply tightness on seasonal demand, likely OPEC+ move

FILE PHOTO: A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture. REUTERS/Dado Ruvic

GLOBAL oil markets are likely to witness some supply tightness in the second half of 2024 on growing expectations that OPEC and its allies will roll over their production cuts when they meet in early June, while robust seasonal demand could pull down crude inventories.

These factors, in addition to turbulent geopolitics in the Middle East, might put a floor on oil prices for now.