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Oil: Supply agreement by Q3 isa possibility – TDS

Strategists at TD Securities see the implementation of a supply agreement in the third quarter as probable.

Key quotes

“With Brent at just under $23/bbl and its reserves dropping at a much faster rate than expected, Russia may have a much shorter fiscal runway to keep the oil war going than many have thought.”

“Given that the realized price many North American oil producers are receiving is in the single digits, insolvency is pending for many producers which is the Russian objective. This may prompt a supply agreement earlier rather than later, with implementation by Q3 a possibility.”


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