- Average Brent oil price stable around $108/bbl in March
- Despite signs of a slowing Chinese economy, the world economy is projected to grow by 3.7% in 2014 (IMF)
- Developments in Crimea only had a minor impact on oil prices (short-lived $2-3/bbl spike)
- World oil supply jumped up by 600,000 b/d in February, mostly from Iraq
- Oil Market fundamentals are robust; well supplied market could add some downward pressure on prices
- CAPEX cuts across the Oil industry likely to limit majors’ production growth in 2-3 years from now
- Upward revision of the IEA’s “oil-weighted” US dollar to weigh on international oil prices this year
by Graham Walker // 28 March, 2014
← Back to Blog