Demand pessimism appears to have become a fixture of oil markets lately, keeping prices lower despite production cut commitments.
Something odd is happening in the oil market. Despite news that Saudi Arabia would extend its voluntary production cuts for another month and possibly beyond, and despite Russia saying it would reduce exports by half a million barrels daily, prices are falling.
Combined with central banks’ continued focus on rate hiking as a cure for inflation, the economic growth outlook for some of the biggest oil markets in the world is not looking good, and trader behavior confirms it. in his latest column on oil trading that sentiment among institutional traders had not been so bad since 2020 when governments’ pandemic response wrecked oil prices as lockdowns destroyed demand.
Interestingly enough, the World Bank forecast is not all that pessimistic. It actually revised upwards its outlook for the global economy in its latest update. Yet demand pessimism appears to have become a fixture of oil markets lately, keeping prices lower despite production cut commitments.
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