Oil prices will remain volatile this year but within range, Moody’s said in its annual report on the oil and gas industry. The top factor to watch in 2019 would be OPEC+ discipline in adhering to the production cut agreement that the group sealed in December. “Market expectations for continued strong oil demand growth remain in place, despite concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong U.S. dollar,” said the credit ratings agency’s managing director for oil and gas, Steve Wood, adding that “Very high Saudi and Russian production, in particular, has heightened supply volatility, so whether OPEC and Russia maintain production discipline and renew agreements to limit output are key concerns going into the new year.” Moody’s expects West Texas Intermediate to remain within a range of US$50-70 a barrel over the next five years, noting that […]