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Commodity watch: Taking the temperature on commodities

In short:  Watch out for the OPEC meeting this week as desperation can become the killer of solidarity, Easing energy pressures lending a helping hand to the EM space, Industrial metals screaming for more Chinese credit impulses 
2023-05-31

In short: 

  • Watch out for the OPEC meeting this week as desperation can become the killer of solidarity 
  • Easing energy pressures lending a helping hand to the EM space
  • Industrial metals screaming for more Chinese credit impulses 

This week OPEC+ meets up in Vienna to discuss the current crude oil outlook and we thought this would be a nice opportunity to take the temperature on commodities. Going into the meeting there have been rumblings due to conflicting interests in the cartel. Russia wants to keep its output at current levels given the natural gas price / partial European energy embargos in order to finance itself and its war efforts in Ukraine. Conversely, the Saudis sound very keen on cutting production further from the previous cut in April. The wish partly comes on the back of the Saudis 81 USD breakeven on oil, which it needs to finance its many projects among which is a Red Sea resort the size of Belgium … 

 

In short: 

Watch out for the OPEC meeting this week as desperation can become the killer of solidarity, Easing energy pressures lending a helping hand to the EM space, Industrial metals screaming for more Chinese credit impulses 

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