U.S. shale hinders hopes for oil market rebalancing: Reuters poll

29 Sep 2017   Prices, Shale Oil

Oil prices are unlikely to rise much beyond this month’s two-year highs this year, as concern among analysts persists that growing U.S. shale output will hamper the rebalancing between global crude supply and demand, a Reuters poll showed. Brent crude is expected to average $52.60 a barrel in 2017, a touch higher than last month’s forecast of $52.53. For 2018, the North Sea crude was seen averaging $54.40 a barrel versus the previous month’s forecast of $54.48. The monthly poll of 36 analysts and economists projected Brent to average over $60 a barrel by 2020. This week, Brent hit its highest since July 2015, driven by demand for refined products and views of a quickly balancing oil market following production cuts led by the Organization of the Petroleum Exporting Countries. OPEC and 11 rival producers, including Russia, have committed to output cuts of 1.8 million barrels per […]

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