The participants in the Platts survey, however, cut their forecasts for Brent Crude prices compared to early October. Back then, when oil prices hit four-year highs on fears of significant losses of Iranian supply, the banks had expected Brent to average $78.51 per barrel in 2019.
For 2018, Brent is expected to average $73.91, down from the October survey forecast of $74.40, and compared to average Brent Crude price of $73.26 so far this year.
The key reason for the banks to see Brent crude prices recovering from the current $63 a barrel is the expectation that OPEC will announce a production cut at its meeting in early December - of 1 million bpd or even more - to support oil prices, prevent a new glut, and drive the price of oil back into the $70s.