Large Surplus After Summer Raises Downside Risk To $65 Per Barrel Brent Forecast From Q4, says HSBC

July 7 (Reuters) - HSBC GLOBAL RESEARCH:

• SAYS LARGE SURPLUS AFTER SUMMER RAISES DOWNSIDE RISK TO IT'S $65 PER BARREL BRENT FORECAST FROM 4Q 2025

• EXPECTS OPEC+ TO ANNOUNCE ANOTHER 550KBD HIKE FOR SEPTEMBER AT NEXT MEETING ON 3 AUGUST, DOUBLE THEIR PREVIOUS aSSUMPTION

• SAYS SUMMER DEMAND IN NORTHERN HEMISPHERE AND IN THE MIDDLE EAST (FOR POWER GENERATION) IS ABSORBING EXTRA OPEC+ BARRELS FOR NOW

• SAYS OPEC+ WILL BE RELUCTANT TO CUT SUPPLY AGAIN, WHILE ADDING VOLUMES INTO AN ALREADY WEAK MARKET WOULD PUSH OIL PRICES FURTHER DOWN