Oil analysts have grown more pessimistic about the possibility of price rises a lot this year, in light of the boom in US shale oil production and the deterioration of global economic conditions, which threaten to dispel the impact of the support caused by OPEC-led crude production cuts.
A Reuters survey of 36 economists and economists predicted that Brent crude futures prices would average $ 66.44 a barrel in 2019, slightly lower than the expected average in the January poll of $ 67.32, compared to the average A price of 62 dollars per barrel of crude oil since the beginning of this year. Prices may gradually increase throughout the year if the Organization of Petroleum Exporting Countries OPEC and its partners, including Russia, agree to further production cuts in April, and if the US sanctions on Iran and Venezuela reduce Global crude supply. However, analysts said: The chances of further price increases seem unlikely, and Edward Bell of Emirates NBD stated that, in the short term, oil markets tend to be characterized by scarcity of supply in global markets, thanks to OPEC cuts. And the U.S. sanctions on Venezuelan PDVSA, but added that during the rest of 2019, high oil prices will collide with a slowdown in economic growth in major markets. Analysts' estimates for the global oil demand prospects varied, ranging from 1.1 million to 1.5 million barrels per day in 2019, largely in line with the range of 1.1-1.7 million barrels per day revealed by Last month's survey, compared to the International Energy Agency's estimate of 1.4 million barrels per day demand growth this year. Analysts say that American production is among the obstacles that hinder the rise in the price of oil this year, especially as domestic crude stocks rose to their highest levels in more than a year and production reached a record level. The survey predicts that the average price of US light crude will reach $ 58.18 a barrel in 2019, down from $ 59.43 a barrel in January's estimates. It is worth noting that this is the fourth consecutive month that analysts have lowered their expectations for oil prices.To more:
