10 July 2025: 16:30 BST
OPEC made the most of its mega seminar to launch its World Oil Outlook, amidst a market downward correction. Talk about timing! The market fell more than $1 and is showing signs of exhaustion, whatever that is🤣. It’s just a bit sad that there were hardly any reporters there to comment on it! Or only the ones that dare not question the fakery. OPEC took the opportunity to dunk on the IEA’s forecast of peak global oil demand by the end of the decade, seeing world oil demand growing by 19.2 mil b/d to 122.9 mil b/d by 2050, despite seeing the OECD losing 8.5 mil b/d of demand! But really if nobody knows what production and demand are currently how can anyone say they know what will happen in 25 years. This is an exercise in nonsense. OPEC expects transport to play the biggest part in boosting global demand over the next 25 years. Underestimate NEV development at your peril! Read Asia 2.130 report for an update on their rampage through the market.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.
