What to expect from oil markets in 2025 [Video]

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* OPEC is saying it’s going to hold off on increasing production through into the spring, March 2025. What does that tell us about the markets right now?

* Well I think it’s fair to say that OPEC realizes that– or rather, they’ve made the choice to not bring back barrels during the time of the market when we always build crude stocks, because that’s when refineries go down for maintenance. Prince Abdulaziz, in particular, has always said that he doesn’t want to add inventories into a building market. The whole focus has been keep inventories low and keep the market steady. I think the bigger thing, more than the three month delay, is they’ve actually slowed down the pace of return.

* Initially, all these voluntary cuts were supposed to come back by September of next year. Now it’s only going to come back by September of 2026. So …