Monthly Viewpoint – May 2024

17 June 2024

 Monthly Market review – Download Article

One of the few notable falls in markets in May came in oil, down 7%, taking it back to close to its level at the beginning of the year. The weak Chinese economy is weighing on demand while US oil output remains strong, running for much of the past 12 months at around 1m bpd ahead of the previous year. The OPEC+ group of oil producers extended their production cuts to 2025 but at the same time set out plans for phasing out voluntary cuts of 2.2m bpd later this year, which the market interpreted as a loss of control over a significant part of output.

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