• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 24 mins “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 2 mins CoV-19: China, WHO, myth vs fact
  • 8 hours Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Blowout videos
  • 22 hours Energy from thin air?
  • 1 day OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 2 days Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 3 hours Natural Gas
  • 2 days Fast-charging, long-running, bendy energy storage breakthrough
  • 2 days Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 7 hours Cheap natural gas is making it very hard to go green
Alt Text

OPEC+ Cuts Fail To Boost Oil Prices

Energy markets are in turmoil,…

Alt Text

The Ticking Time Bomb That Could Crush Oil Markets

Libya’s oil production is down…

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

Don’t Expect Oil Prices To Go Much Higher This Year

As sudden oil supply disruptions are offset by faltering demand growth, oil prices are expected to hold steady and near their current levels through the rest of this year, the monthly Reuters survey of 53 analysts and economists showed on Monday.

The experts see Brent Crude prices averaging US$65.19 a barrel this year, essentially flat compared to the US$65.02 per barrel estimate in last month’s poll. So far this year, Brent Crude prices have averaged US$64.76 a barrel.

WTI Crude prices are expected to average US$57.96 a barrel in 2019, only slightly up from the US$57.90 projection from the end-August Reuters poll. So far in 2019, WTI Crude has averaged US$57.11 a barrel.

In last month’s poll, analysts slashed their forecasts for WTI Crude prices this year to the lowest outlook since January 2018 and estimates for Brent Crude to the lowest average forecast since March 2018, on the back of the protracted U.S.-China trade dispute and slowing economies and oil demand growth.

In this month’s poll, the experts acknowledged that sudden supply disruptions—like the one following the attacks on Saudi oil infrastructure  which knocked 5 percent of global oil supply offline—could lead to temporary spikes, but said that deteriorating fundamentals with demand faltering and non-OPEC supply growing would prevent those spikes from becoming sustainable. Related: Banks See Oil Prices Staying Low Despite Attacks On Saudi Oil

Concerns about faltering oil demand and expectations of rising U.S. crude oil exports trump fears of supply shortage after the attacks on Saudi oil, and have investment banks predicting that oil prices will not move much higher in the fourth quarter, a poll of 13 major investment banks by The Wall Street Journal showed last week.

Meanwhile, early on Monday oil prices were headed for a quarterly loss—the worst quarter for oil since the fourth quarter of 2018, as fears of deteriorating demand and slowing economic growth eclipsed the temporary price spike the day after the attacks on Saudi oil.  

At 09:15 a.m. EDT on Monday, WTI Crude was down 1.45 percent at US$55.10, and Brent Crude was trading down 1.25 percent at US$60.28.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • Mamdouh Salameh on September 30 2019 said:
    Two scenarios will monopolize the limelight in the fourth quarter of 2019. The first is a continuation of the trade war between the United States and China. The second is the timetable for the repairs of the damage Saudi oil facilities

    A continuation of the trade war will continue to depress the global demand for oil and prices by augmenting an already existing glut in the market thereby acting as a strong bearish influence on the market. In such a scenario, oil prices could range from $60-$65 a barrel in the fourth quarter of 2019.

    An emerging Bullish factor is the timetable for the repairs of the damaged Saudi oil facilities. Saudi Arabia has been very economical with the truth when assuring the global oil market that full capacity is back online. While it is true that Saudi Arabia is able to meet obligations to its customers by drawing on its stored oil estimated at 130 million barrels (mb), that volume could be depleted totally in less than one month if repairs exceed a month. It is estimated by contractors and fabricators interviewed by the Wall Street Journal that repairs and manufacturing of equipment needed to replace the damaged ones could take months rather than weeks. In such a scenario, oil prices could be headed far above $80.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News