摩根士丹利：石油手册_欧佩克增产后面临更弱的供需平衡

May 4, 2025 10:00 PM GMT The Oil Manual Weaker Balances Ahead after OPEC Hike OPEC's quota revision came in higher than we had expected, and is likely a precursor for further supply increases in months ahead. This adds to the market surplus we already modelled for 2H25 and 2026. As a result, we lower our Brent forecasts by $5- 10/bbl. Key Takeaways Exhibit 1: So far, the Brent price is following a trajectory similar to other key downturns; the current period arguably has most parallels to the downturn in 19 ...