0942 GMT - Uncertainty surrounding OPEC+'s planned output increase in June and growing concerns about the group's unity are posing significant downside risks to the oil market, according to BNP Paribas' head of energy strategy Aldo Spanjer. Following reports that Kazakhstan will prioritize national interests over compliance with production quotas, BNP doesn't expect the country to cut output to compensate for overproducing. This could also lead to a larger OPEC+ supply hike in June, contributing to near-term weakness in the market. "We see this as the largest bearish driver in the market, with the risks to OPEC+ unity growing," Spanjer says. BNP forecasts Brent crude in the high $60s a barrel in the second quarter and at $70 a barrel in the third. The international oil benchmark is estimated to average around $65 a barrel by the end of the year. Currently, Brent is down 0.2% at $65.65. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 05:42 ET (09:42 GMT)
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