Will OPEC+ likely to unwind more cuts?

Despite the unwinding of OPEC’s production cuts, prices have held up better than expected. There is optimism about global oil demand, especially as recent price drops might boost US demand, and emerging markets could surprise on the upside. Given this, OPEC may feel confident enough to continue unwinding cuts over the coming months.

What factors are influencing China’s oil demand?

Structural changes, especially the rapid adoption of electric vehicles, are reducing the need for oil products. Growth is now mostly concentrated in the petrochemical sector. Additionally, China tends to increase oil imports when prices fall, indicating that stockpiling may support demand even during economic slowdowns.

Beyond oil, which other commodities seem promising?

There is more optimism around metals. Over the next two to three years, the global shift toward a green economy is expected to drive significant demand for metals, particularly copper. While supply is currently growing, there are concerns about whether it will be sufficient to meet future demand.