- Brent price forecast at $108.46/bbl for 2013, for 2014 at $105.68/bbl (revised upwards by $0.54/bbl)
- WTI-Brent spread likely to trace Gulf Coast refinery maintenance schedules
- 2014: World economic recovery gaining momentum, encouraging prospects in US, EU and China for robust oil demand (+1.1 million b/d)
- Projected non-OPEC supply growth exceeding global demand growth in 2014, driven by US production (+920,000 b/d)
- OPEC crude production decline to 2-year low in November but production cap unchanged
- Iraqi and Iranian plans to boost production to gain traction in 2H 2014, contributing to risk of oversupply
by Graham Walker // 20 December, 2013
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