ANZ: Further Upside In Oil Prices In 2H 2022

The video discusses the impact of a recent oil deal on market prices, highlighting that the market had anticipated the changes, leading to modest price increases. It examines the supply-demand dynamics, noting OPEC's challenges in raising output due to limited investment. The discussion shifts to the implications for Asian buyers, who may benefit from discounted Russian oil, but face infrastructure constraints. The video compares the advantages for downstream and upstream producers, with downstream benefiting from high crack spreads. Finally, it forecasts oil prices, considering the EU ban and China's reopening, predicting continued market tightness.

How are European sanctions on Russian oil expected to affect the oil market?

What impact do you think the recent agreement will have on oil prices in the short term?

What challenges does the oil industry face in replacing lost barrels in the market?

In what ways might OPEC's ability to raise output be limited?

How are Asian buyers responding to discounted Russian oil?

What factors are contributing to the tightness in fuel product markets?

What is the expected oil price target in light of current market conditions?