Extension of OPEC-led cuts could end oil glut by end-2017: Poll

29 Apr 2017   OPEC

Supply and demand in the oil market could fall into balance by the end of this year if OPEC and its partners extend their deal to reduce crude output, a Reuters survey forecast on Friday. However, the prospect of rising output from outside OPEC, led by U.S. shale oil producers, could continue to hamper the rebalancing process, analysts said. The Reuters survey of 35 economists and analysts forecast that Brent crude would average $57.04 a barrel in 2017, compared with last month’s forecast of $57.25 and an average so far this year of about $55. “Growing oil production in the U.S. will remain a deterrent to further extensions to the output cap by OPEC and non-OPEC countries … (and) once again reinvigorate debate on defending market share […]

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