We’ve been here before and since global oil markets are indeed cyclical, Citi’s new oil price forecast for 2019 should not come as much of a surprise. The bank forecasts that global oil prices will average $60 per barrel in 2019, remaining near current levels as OPEC+ led production cuts encourage American drillers to pump more crude oil. In its primary forecast, Citi said it sees Brent crude trading at $55 to $65 per barrel in 2019, as global oil stockpiles continue to rise through the middle of the year. Citi’s forecast comes after the so-called OPEC+ group of oil producers, which includes production heavyweights Saudi Arabia and Russia, agreed on Friday to trim production by 1.2 million barrels per day (bpd), starting in January and lasting for a period of six months, with a review set for April. The production cut immediately put a floor under prices that […]