OPEC printed their month-to-month report on Monday, Giles had the important thing factors:

OPEC additionally raised its estimate of non-OPEC provide over the subsequent 5 quarters by a median 394kb/d, pushed by US shale oil. 

As a reminder, the forecasts for decrease demand greater provide come amidst OPEC+ elevating its output – the group (and “+” companions) boosted quotas underneath the OPEC+ alliance provide settlement. 

In the meantime, over the weekend, on the BP ‘markets day’ the agency stated the times of ever-growing demand are over. 

BP’s most bullish state of affairs sees demand no higher than “broadly flat” for the subsequent 20 years (BP cite vitality utilization transitioning away from fossil fuels)

ps. I respect BP’s view on the transition, they’re good cookies, however … yeah, not shopping for it.