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25 Apr 2025

OPEC+ countries consider significant increase in production for June as well – Commerzbank

According to a Reuters report, the eight OPEC+ countries with voluntary production cuts could also increase oil production more significantly in June, Commerzbank's commodity analyst Carsten Fritsch notes.

OPEC+ eyes further output hike in June

"A similarly strong increase in production as in May is being considered, according to informed sources. A decision on the production volume in June will be taken at a meeting at the beginning of the week after next. Even though these are as yet unconfirmed rumours, the cracks within the production cartel are apparently getting larger."

"A few hours earlier, Reuters reported that Kazakhstan wants to prioritise its national interests over the interests of OPEC+ when deciding on oil production. The new Kazakh energy minister justified this by saying that the western oil companies operating in the country could not be forced to cut production."

"The three projects operated by these companies - Tengiz, Kashagan and Karachaganak - account for 70% of the country's total oil production. Shutting down production in the other older oil fields would be impossible because they would no longer be able to produce at all."

Apr 25, 2025

GBP soft but finds modest support – Scotiabank

Pound Sterling (GBP) is down a modest 0.3% and showing relative gains against nearly all the G10 currencies, once again trading in tandem with its peers on trade-related headlines while still lagging in terms of magnitude, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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Apr 25, 2025

JPY soft in context of trade headline-driven market – Scotiabank

Japanese Yen (JPY) is weak, down 0.7% against the US Dollar (USD) and underperforming most of the G10 currencies in an environment of broad-based USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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