Oil Bulls Beware: This Optimism Is Unjustified

Optimism seems to be ruling global oil markets at the moment. Even the recent OPEC report, in which the global oil group cut its demand predictions for Q2 2021 by more than 690,000 bpd, seemed unable to alter price assessments. Bullishness stemming from the OPEC+ production cuts continues to rule the market, with analysts happy to assume that the cartel will remain optimistic in its assessment of H2 2021.  With oil prices hovering around $70 per barrel and some analysts even suggesting that the fabled $100 per barrel is within sight, it seems…