HSBC sees gradual unwinding of OPEC+ voluntary cuts over next year
(Reuters) - HSBC's (HSBC) latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in "first-phase" voluntary production cuts over a 12-month period, the bank said in a note on Tuesday. The bank's oil market model had previously assumed that OPEC+ would take a breather after unwinding 2.2 million barrels per day (bpd) of cuts, and wait until 2026 to add more barrels. "However, the group seems undeterred by negative demand seasonality and the prospect of a ...