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Wall Street Bank analysts have sharply worsened forecasts for oil prices in 2019 due to concerns over declining demand and global oil production, according to the results. the Wall Street Journal's monthly survey.
North Sea Oil The Brent brand will cost on average just over $ 69 a barrel in 2019 instead of the $ 77 expected in November, according to forecasts from 13 investment bank representatives who participated at the inquiry.
For North America WTI Inca was reduced from about 70 dollars to just over 63 dollars a barrel.
In early October, WTI Brent and prices reached their highest level in four years, but since then they have fallen by more than a third.
New Arrangements OPEC + on the reduction of oil production of 1.2 million barrels per day compared to the level of October could not stop the fall.
"The year 2019 for the oil market will not be less difficult than the previous year, including the fact that the global economy is losing growth, which may weaken demand ", says the head of Commerzbank AG Oygen Weinberg's commodity research department
However, he believes that in 2019 OPEC + will still be able to restore the balance between supply and demand in the oil market.
"Combination of Abbreviations OPEC +, the restrictions on Canadian oil production and the further reduction of Iranian exports due to sanctions should be sufficient to bring the stocks of developed countries back to a level below the five-year average, " WSJ Jason Gammel, Jefferies Oil Analyst
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