BAGHDAD (Reuters) -
The agency said "Fitch" credit rating, said that the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) will lead to shrinking crude stocks, but shale oil will remain an important factor in the long term.
She added that "OPEC" decision to extend production cuts 9 months should provide some support to oil prices at an average since the beginning of the year so far.
The agency warned that the oil surplus, could return in 2018, if it is not to extend the agreement again, where production continues to start new projects while preparing the US shale oil production in which growth.
She explained that it expects the survival of the average annual price of oil this year, probably at around $ 50 to $ 55 a barrel "Brent" taking the stunning growth of US shale oil production in mind.
The agency said, the basic expectation is the recovery of the market gradually, what will lead the global Brent crude blend "Brent" prices in the market to reach the mid-range of $ 50 a barrel in 2018 and to around $ 60 in 2019.