• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 1 hour Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 21 hours Indonesia Stands Up to China. Will Japan Help?
  • 7 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 11 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 2 hours Beijing Must Face Reality That Taiwan is Independent
  • 23 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 14 hours Might be Time for NG Producers to Find New Career
  • 9 hours Trump has changed into a World Leader
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 2 days Phase One trade deal, for China it is all about technology war
  • 2 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
Alt Text

Is Iran Preparing To Send Oil Back To $100?

Brent oil prices have failed…

Alt Text

Bad News For Oil: Refinery Profits Are Sliding

Oil prices are falling back…

Alt Text

Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Analysts See WTI Oil Price Averaging $67 This Year

WTI Crude prices are expected to average $67.32 per barrel this year, and hold steady and range-bound for the rest of 2018 and 2019, as increased supply from OPEC and the United States is expected to meet rising Asian demand and offset supply disruptions from Iran and elsewhere around the world, a monthly Reuters poll of 44 analysts and economists showed on Tuesday.

In the Reuters survey at the end of last month, analysts had expected WTI to average $66.79 per barrel this year, up from the $66.47 forecast in May, as they expected supply deficits from Venezuela and Iran to outweigh OPEC’s production boost.

So far this year, WTI Crude prices have averaged $66.16 per barrel, and were down 0.47 percent at $69.80 at 07:58 a.m. EDT on Tuesday.

In today’s poll, the experts also lifted their forecasts for Brent Crude to average $72.87 per barrel in 2018, up from the $72.58 expected in the June survey and above the $71.68 average so far in 2018. At 07:58 a.m. EDT on Tuesday, Brent Crude was down 0.07 percent at $75.50.

The July survey marked the 10 month in a row in which analysts polled by Reuters have revised up their forecasts for average Brent and WTI prices this year. Related: $40 Billion LNG Project Finally Starts Up

The analysts expect oil prices to remain range-bound throughout 2018 and in 2019, as lower Iranian supply and lower stocks will continue to be bullish factors, while trade tensions that could hurt oil demand and market sentiment, coupled with rising U.S. oil production would keep a lid on prices.

The experts see the U.S. sanctions taking between 500,000 bpd and 1 million bpd of Iranian crude oil off the market.

“The disruption to Iranian barrels will weigh on oil markets in the second half of 2018 and H1 2019 as there are few spare barrels in the market that can offset a big disruption to Iranian supplies,” Emirates NBD commodities analyst Edward Bell told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play