SEATTLE (Oil Monster): HSBC forecasts a big oil surplus from the fourth quarter of 2025 of 1.7 million barrels per day (mbd), and a surplus of 2.4 mbd in 2026, it said in a note on Monday.
The bank also said it sees a downside risk to the bank's 2026 $65 per barrel Brent price assumption if stockbuilds materialise in the West.
At its meeting this month, OPEC+ opted to further increase oil production by 137,000 bpd in October, starting to unwind the 1.65 million bpd in cuts ahead of schedule.
Courtesy: www.tradingview.com
