in this exclusive interview with Asharq News with Bloomberg (28 March 2024), Royal Greenwich Forum founder Maher Nicolas Firzli looks at the geo-economic dynamics behind JP Morgan (and Morgan Stanley’s) recent upgrade to their “target price” for oil (Brent) and oil stocks for the second semester of 2024

Russia’s planned productions cuts (500,000 bpd announced this week) or the “accelerating Sino-American rivalry” in Asia or the wars ravaging Eastern Ukraine and Southern Gaza etc. only play a marginal role here

The real force behind resurgent oil prices is clearly Saudi Arabia, acting shrewdly as “smart swing producer” and “market sentiment stabilizer” (cf. mid December 2023) to bring soundness to the market in spite of external pressures

This is all the more remarkable since America’s market share is much higher today than in the early and mid 1980s, when, during similar macroeconomic circumstances, OPEC countries led by KSA and Iraq tried desperately to impose a modicum of price disciple to their peers in the Arabian Gulf and Latin America, in vain at the time …

https://now.asharq.com/clip/الفرزلي-أوبك-أدت-دورا-كبيرا-في-استقرار-أسعار-النفط