BofA's Blanch Says Oil Heading Toward $90 a Barrel in Second Half

The transcript discusses the projected increase in oil prices due to a deficit in the second half of the year, driven by OPEC's production cuts and limited US shale response. OPEC aims to lower inventories to mitigate recession risks. China's demand is seen as favorable at current price levels, with concerns about inflation contagion. Gas prices have significantly dropped, benefiting China.

What is one reason for the expected increase in oil prices towards $90 a barrel by 2024?

• Surplus in oil supply

• Higher demand in developed markets

• Decreased inflation rates

• Increased production by OPEC

Why is OPEC likely to cut production further in the second half of the year?

• To respond to US shale production

• To decrease oil prices

• To prevent a recession by maintaining lower inventory levels

• To increase oil inventories

What is a key concern for OPEC regarding high oil inventories?

• Rising US shale production

• Decreasing demand in China

• Increasing oil prices

• Triggering a recession

How have recent price levels affected China's demand for oil and gas?

• They have discouraged demand

• They have caused a surplus in supply

• They are considered attractive for China

• They have led to a decrease in demand

What is a primary focus of the Chinese leadership in response to current economic conditions?

• Decreasing copper prices

• Increasing oil production

• Preventing inflation contagion

• Reducing economic stimulus