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US investment bank JPMorgan on Friday raised its forecast for oil prices, but lowered its estimate of global demand growth for the current year while doubts about trade increase.
$ 70 per barrel in 2018 and 2019, up from previous estimates of $ 65 and $ 60 per barrel, respectively. "Uncertainty about the current increase in OPEC production, current budget constraints and the impact of sanctions could cause oil prices to remain high in the short term," he said. said the research team on European equities. The Organization of the Petroleum Exporting Countries (OPEC) accepted modest increases in oil production in June from July, but it was not certain that these increases would be effective as the United States was preparing to reimpose sanctions against Iran, a major source of oil. In November.
But the bank has reduced its forecast growth in demand for 2018 to 1.2 million barrels a day, compared with 1.4 million barrels in its previous estimates. "The global macroeconomic outlook, the weakness of emerging market currencies, the impact of the recent surge in oil prices, the impact of sanctions on Iran and growing trade mistrust are all risks." potential for growth in oil demand "
JPMorgan said that he was dead The growth in global crude oil supply is expected to remain strong despite short-term production disruptions, production of oil and gas. OPEC is expected to reach 32.9 million barrels a day in 2018.
Non-OPEC production is expected to increase by 2.2 million bpd in 2018 and 1 "It is driven by the United States, Canada, the United States, Russia, Kazakhstan and Brazil. "
The Bank added that fluctuations in oil markets are expected to continue this year.
" We expect price volatility to remain at $ 80 per barrel. "
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