The outlook for oil prices has not changed much in recent weeks. This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. The outlook for oil prices has not changed much in recent weeks. They are likely to remain relatively flat well into 2018. While surplus oil inventories have declined significantly since the OPEC production cut, a large surplus to the five-year average will likely remain the rest of the year without a geopolitical event which disrupts supply. A significant increase in inventories is even likely in 1Q18 with the seasonal decline in global demand. But in 2020 and beyond, the risk of an oil shortage remains high. WTI is expected to remain near $50/bbl well into 2018 before increasing in 2H18 with the seasonal ramp up in demand. It is expected to average of $50/bbl in 2017 and $53/bbl in […]