OPEC+ Bets on Summer Demand as Q4 Glut Looms

The OPEC+ group was likely betting on robust demand during the peak summer driving season when it decided to start accelerating the oil production hikes in May. The market proves it has been right. At the end of the second quarter and the start of the third quarter, demand growth will not lag supply growth materially, according to analysts. Oil Glut in Q4?   But come autumn and the fourth quarter, the market could find itself oversupplied, weighing on oil prices and market sentiment. Analysts and major investment banks currently expect an…