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Oil Prices Drop But Recovery Lags
Description
Oil prices have plunged 29% since April, sparking debate over whether the sell-off went too far — Morgan Stanley’s own forecasts have been lowered, yet still sit above current market levels. Despite the Strait of Hormuz reopening, full production recovery won’t happen until late 2024, leaving a global supply shortfall in Q3. Restocking depleted reserves will further delay balance. While Morgan Stanley argues current prices are undervalued for energy companies’ profitability and shareholder returns, they caution against expecting a sharp rebound — U.S. exports and China’s low imports are acting as stabilizers, keeping prices from spiraling.
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