|Arab and international|
Economy News _ Baghdad
Oil market analysts expect crude oil prices to rise at a steady pace this year but remain limited by the increase in US crude oil production and supply constraints imposed by the Organization of the Petroleum Exporting Countries (OPEC), a survey showed on Thursday.
The survey, which included 37 economists and analysts, showed that global benchmark Brent crude is expected to record $ 63 a barrel on average this year, slightly higher than a previous survey forecast of 62.37 Dollars per barrel.
"The level of OPEC's commitment to agreed production cuts and the rate of growth of oil-producing primary oil production is expected to be in 2018, and the prices are likely to be more volatile," the agency quoted analyst Stratus Advisors as energy consultant Ashley Petersen as saying. In 2018 compared to 2017 due to the spread of negative sentiment on the pace of US growth. "
"The oil market is dominated by a large number of private companies that are not subject to coordination, many of which benefit from lower production costs than producers in other regions, meaning that the US will remain a major player," said Kalin Berch, analyst at Economical Intelligence Unit. In the foreseeable future. "
"Rising global demand for oil will be driven primarily by emerging markets in 2018 and 2019 and will be the fastest pace since 2013," Berch said.
Saudi Arabia announced earlier this week that it hoped OPEC and independent producers could ease production restrictions next year and create a permanent framework for oil market stability after the agreement expires. "Unless there is a smooth exit from the deal, Global economic downturn, which could hurt prices.
The average price of US light crude could reach $ 58.88 a barrel in 2018, up from $ 58.11 a barrel in a January poll.
Report: Oil analysts expect crude prices to rise at a stable pace in 2018
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