MarketPR
ING's commodities team has flagged building upside risks in oil markets, pointing to a convergence of OPEC+ production discipline, geopolitical disruption, and falling commercial inventories as the driving forces.
The investment bank warns that global spare capacity has been reduced to historically low levels, leaving a thin buffer against unexpected supply shocks. Physical market data — including U.S.
crude stockpiles tracking below the five-year seasonal average — underpins the bank's cautious read.
OPEC+ Discipline Has Eroded the Market's Safety Buffer Saudi Arabia and Russia have led OPEC+ members in maintaining significant production cuts through the first half of the year, with voluntary reductions extending beyond official quotas, according to ING.
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