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1. • • Brent crude futures continued to slide in May and early June, as flagging oil demand growth and inventory builds pointed to a comfortably supplied market. Brent futures fell by $6/bbl in May, before tumbling further in early June after the OPEC+ alliance announced plans to gradually unwind last year’s extra voluntary output cuts starting in 4Q24.
     prod.iea.org/reports/oil-market-report-june-2024

     Oil Market Report - June 2024 – Analysis - IEA

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   Why did oil prices fall more than $1?

   • LONDON, June 4 (Reuters) - Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness. Extending losses from a four-month low in the previous session, Brent crude futures were down $1.11, or 1.4%, at $77.25 a barrel by 1336 GMT.

   Oil drops as OPEC+ boosts supply even though demand is shaky

   www.reuters.com/business/energy/oil-prices-extend-losses-worries-supply-rising-later-2024-2024-06-04/

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   Why is global oil demand slowing in 2024?

   • World oil demand growth continues to slow, with 2024 gains now seen at 960 kb/d, 100 kb/d below last month’s forecast. Weak OECD deliveries pushed global demand into a narrow y-o-y contraction in March. Subpar growth of 1 mb/d in 2025 is held back by a muted economy and accelerating clean energy technology deployment.

   Oil Market Report - June 2024 – Analysis - IEA

   prod.iea.org/reports/oil-market-report-june-2024

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   What if oil prices drop?

   • “If we do see a significant drop in oil prices, then you will have to question the soundness of global economy,” Flynn said. “Then it will look like the Federal Reserve has done too much.” On top of this, supply is rising from non-OPEC producers such as the U.S.

   Oil prices drop as OPEC+ decision spotlights shaky demand

   www.theglobeandmail.com/business/industry-news/energy-and-resources/article-oil-prices-fall-on-concerns-of-supply-rising-later-in-2024/

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   Why did Brent crude prices fall in May?

   • Brent crude futures fell by $6/bbl in May as inventory builds pointed to a comfortably supplied Atlantic Basin market. Prices slid another $4/bbl after the 2 June OPEC+ meeting, with traders taking a bearish view of the gradual unwinding of last year’s voluntary output cuts.

   Oil Market Report - June 2024 – Analysis - IEA

   prod.iea.org/reports/oil-market-report-june-2024

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3. prod.iea.org › reports › oil-market-report-june-2024Oil Market Report - June 2024 – Analysis - IEA

   prod.iea.org › reports › oil-market-report-june-2024

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   Jun 12, 2024 · Prices slid another $4/bbl after the 2 June OPEC+ meeting, with traders taking a bearish view of the gradual unwinding of last year’s voluntary output cuts. Oil’s price structure weakened in parallel, with front-month spreads briefly slipping into contango.

4. www.reuters.com › business › energyOil drops as OPEC+ boosts supply even though demand is shaky

   www.reuters.com › business › energy

   Jun 4, 2024 · Oil prices fell more than $1 a barrel on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.

5. www.theglobeandmail.com › business › industry-newsOil prices drop as OPEC+ decision spotlights shaky demand

   www.theglobeandmail.com › business › industry-news

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   Jun 4, 2024 · Oil prices fell more than $1 a barrel on Tuesday on skepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.

6. www.bloomberg.com › news › articlesLatest Oil Market News and Analysis for June 3 - Bloomberg

   www.bloomberg.com › news › articles

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   Jun 2, 2024 · Oil has dropped over the past two months as geopolitical risks ebbed and demand showed signs of weakening. Evidence of a softening physical market has also arisen, with Brent’s prompt spread ...

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7. www.cnbc.com › 2024/06/04 › oil-prices-extend-lossesOil prices extend losses on worries of supply rising later in ...

   www.cnbc.com › 2024/06/04 › oil-prices-extend-losses

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   Jun 4, 2024 · Nichola Groom | Reuters. Oil prices eased in early trade on Tuesday, extending their losses from the previous session when prices fell to their lowest in four months, as investors worried...

8. www.bnnbloomberg.ca › why-are-oil-prices-fallingWhy are oil prices falling? Here's what one expert says

   www.bnnbloomberg.ca › why-are-oil-prices-falling

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   May 3, 2023 · As crude dropped below $US70 per barrel on Wednesday, Michael Tran, managing director of Global Energy Strategy at RBC Capital Markets, told BNN Bloomberg he doesn’t see the trend being driven by recession fears, but rather weaker demand as people spend less on travel.

9. oilprice.com › Energy › Oil-PricesWhy Oil Prices Fell After OPEC+ Announced Deeper Output Cuts

   oilprice.com › Energy › Oil-Prices

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   Nov 30, 2023 · The 37th OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna. The reaction is clear - oil prices are falling rapidly as the market had been led to expect 1 million barrels...