HSBC sees gradual unwinding of OPEC+ voluntary cuts over next year

Core Insights - HSBC's oil market model predicts OPEC+ will gradually unwind 1.65 million barrels per day in voluntary production cuts over a 12-month period [1] - OPEC+ has decided to increase oil production by 137,000 barrels per day in October, ahead of schedule, despite expectations of a supply glut [2] - Analysts at Commerzbank have lowered their Brent price forecast for the coming year to $65 per barrel due to anticipated oversupply [3] Group 1: OPEC+ Production Decisions - HSBC's latest model indicates a phased unwinding of 1.65 million barrels per day in production cuts by OPEC+ [1] - OPEC+ has opted to increase production by 137,000 barrels per day in October, surprising analysts amid expectations of a winter supply glut [2] Group 2: Market Reactions and Price Forecasts - Commerzbank has revised its Brent price forecast down to $65 per barrel from $70, citing oversupply concerns [3] - As of the latest report, Brent crude rose to $66.49 per barrel, while U.S. West Texas Intermediate crude increased to $62.75 per barrel [4]