Morgan Stanley: OPEC+ will maintain production quotas

On February 26, Jinshi Data reported that Morgan Stanley analysts, including Martijn RATS, stated in a report on February 25 that OPEC+ will extend its production quotas at the upcoming meeting, which will maintain market balance in the second half of the year. The bank said that the soft economic outlook caused by tariffs and anti-tariffs will put pressure on the prospects, bringing uncertainty to oil demand. The bank expects global oil demand to rise at a rate of about 1 million barrels per day this year, close to the lower end of the consensus range. The bank stated that given the global GDP below trend, slowing population rise, demand pressure, and uncertainty caused by trade tariffs, we doubt that oil demand rise will be able to reach the historical trend level of 1.2 million barrels per day. OECD crude oil inventories are expected to increase slowly in the first half of the year, then stabilize in the second half, thereby keeping Brent crude oil prices stable at the mid-low end of $70 per barrel.