Oil prices have had a tumultuous week since the US launched a drone attack in Baghdad, killing Iranian General Qassem Soleimani . With tensions peaking after the US and Iran traded missile attacks, oil markets priced in a risk premium. However, as long as the flow of oil barrels to the market is not affected, Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020. “It is important to look beyond the rhetoric of the headlines and focus on market fundamentals – including the continued rise of non-OPEC oil supply led by US shale, and flat demand growth – which all points to a surplus, not a deficit, in oil balances in 2020,” says Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy. “Prospects […]