BAGHDAD, An economic survey showed that oil prices will likely remain stable this year, despite the uncertainty of the market, which suffers from weak demand, and growing warnings of a global economic slowdown.
The survey, which included 53 economists and analysts, expects Brent crude to average $ 65.19 a barrel in 2019, little changed from $ 65.02 in last month's forecast, but slightly higher than the Brent average since the start of the year. $ 64.76 a barrel, according to "Reuters."
US West Texas Intermediate (WTI) crude futures are expected to average $ 57.96 per barrel, compared with $ 57.90 last month. The average price of US crude since the beginning of the year 57.11 dollars per barrel.
"The oil market has had a tough time," said Carsten Fritsch, senior commodities analyst at Commerzbank. "The attack on two oil facilities in Saudi Arabia has recently demonstrated the risks to crude supplies, which is why price jumps could happen anytime in the short term. .
"On the other hand, the fundamentals in the oil market are deteriorating. Demand growth is weakening, non-OPEC oil supplies are rising dramatically, and the commitment to production by OPEC and its allies has finally receded," he said. .
Most analysts said OPEC could continue to cut production until the end of next year and they ruled out easing sanctions on Iran and Venezuela soon. Although there is enough spare capacity to make up for production shortfalls, analysts said the trade dispute between the United States and China and increased output from non-OPEC countries will curb oil prices in the long run.
Analysts expect global oil demand to grow between 0.9 million and 1.3 million barrels per day in 2019 and 0.8 million to 1.5 million barrels per day next year.
Source: National Iraqi News Agency