StanChart: Oil Prices Headed Lower Before Slow Recovery

According to StanChart, the path of least resistance for oil prices is lower, with prices likely to remain low in the coming months before beginning a gradual recovery due to a sharp fall in U.S. oil output. The eight OPEC+ countries that provided additional voluntary output cuts in 2023 met again on Saturday, with the May meeting ending with a resolution similar to the April meeting. Once again, OPEC+ agreed to accelerate the pace of unwinding of production cuts, with output targets for June (excluding compensation cuts) increased by 411,000 …