Standard Chartered: Oil Markets Will Soon Face Significant Supply Deficits

The big oil price selloff in the wake of OPEC+'s decision to unwind 2.2M bbl/day in voluntary production cuts later this year has been corrected. The announcement led to front-month Brent falling to a four-month low below $77 per barrel (bbl), good for a hefty $8/bbl decline from the previous week’s high and over $15/bbl lower from April’s YTD high. Thankfully, oil prices have largely managed to pare back the losses with Brent for July delivery changing hands at $82.61 per barrel in Wednesday’s session while…