- After a spike to c. $70/bbl in the wake of the assassination of Iranian General Qassim Soleimani, Brent has collapsed to $60.15/bbl on expectations of weaker demand due to the coronavirus outbreak
- A muted reaction to the first phase of the US-China trade deal and weaker growth expectations from the IMF have also added downward pressure
- Our global demand growth forecasts are trimmed to 970,000 b/d (-10,000 b/d m-o-m) for 2019 and 1.22 million b/d (-200,000 b/d) for 2020
- Our global supply growth forecast for 2019 is revised down to 220,000 b/d (-80,000 b/d on previous), and 1.28 million b/d in 2020 (-550,000 b/d on previous) on major OPEC outages
- We see Brent averaging $65.85/bbl in 2020 and $66.64/bbl in 2021 (+$2.21 on previous, and new forecast, respectively), though there is downside risk if the outbreak is not adequately contained
- OPEC laggards Iraq and Nigeria improved compliance in December, but not through choice, with the former’s civil unrest intensifying while the latter was hampered by maintenance
- Libyan production may be all but wiped out as forces led by General Haftar blockade ports and fields
- About Us
- Archive
- Basket
- Blog
- Checkout
- Download Free Report
- Glossary
- My Account
- Our Terms & Conditions
- Products and Services
- Projects
- Proprietary Oil and Gas Databases
- Service Index
- Shop
- Terms
- Tools
- Welcome to Petrologica