Survey Shows Brent Price to Average $75 Next Year
Brent Crude is expected to average $75.50 a barrel next year, according to an S&P Global Platts survey of 11 top banks and oil brokers, who see OPEC cutting oil production by at least 1 million barrels per day and oil demand growth still healthy despite signs of weakness.
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.
source: Financial Tribune
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