OPEC still sees undersupplied Oil market – Commerzbank

OPEC has also confirmed its forecasts for Oil demand, Commerzbank's commodity analyst Carsten Fritsch notes.

OPEC revises its forecast for non-OPEC+ supply downwards

"It continues to expect an increase of 1.3 million barrels per day this year and next. OPEC thus remains significantly more optimistic than most other market observers. In view of the demand risks emanating from the trade conflict, OPEC's forecasts should be treated with a certain degree of caution."

"At the same time, OPEC revised its forecast for non-OPEC+ supply downwards. The lower price level is obviously playing a role here, which is slowing down the expansion of US Oil production. Based on OPEC's forecasts, the Oil market would be in a supply deficit this year, which would provide leeway for an increase in OPEC+ Oil production."

"We consider this assessment to be too optimistic due to the very ambitious demand forecast."