In its latest market note, ING states that OPEC+ policy is still the critical factor in determining the state of the oil markets. At the beginning of 2024, ING projected that Brent crude oil would trade above $90 per barrel in the second half of the year. This forecast has been realized multiple times—and ING expects oil prices to peak again in the third quarter. However, sustained rallies are not anticipated. The pivotal factor remains OPEC+ policy, as the group's supply cuts have been instrumental in supporting the market. According to…
