Morgan Stanley Sees Three More OPEC+ Hikes Driving Brent Lower

OPEC+ is set to continue returning production for another three months, which will help drive oil prices lower, according to Morgan Stanley.

The eight key members in the cartel that had voluntarily cut output in November 2023 announced a fourth consecutive clawing back of those reductions on Saturday. That would mean the full 2.2 million-barrel-a-day decrease would be unwound by October, Morgan Stanley analysts including Martijn Rats said in a June 2 note.