Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

Brent crude oil likely to reach USD75/bbl in Q1 2019; U.S. shale output seen rising over next 18 months: ANZ Research

Brent crude oil is expected to reach USD75/bbl by the first quarter of 2019, while the year-end target stands at USD65/bbl; further, the United States shale oil output is seen to keep rising over the next 18 months, according to the latest research report from ANZ Research.

The agreement of a reduction in output of 1.2mb/d at last week’s OPEC meeting was much more than what we and the market had expected. The cuts will be based on production levels in October 2018 and are only expected to last for six months.

It will be split in the form of 800kb/d from OPEC members and 400kb/d from non-OPEC members. The agreement did not list any specific country targets. However Iran, Libya and Venezuela have been exempt from the agreement.

It is also expected that Saudi Arabia will make up most of the OPEC cuts, with Energy Minister Khalid Al-Falih saying production would be 10.2mb/d in January, down from 11.1mb/d in November. Overall, this should keep the market relatively balanced in 2019.

"Overall we have the market remaining in deficit in H1 2019, before weaker economic growth and the production cut agreement roll off, resulting in a balanced market. The risks of further supply disruptions, while relatively diminished remain elevated," the report commented.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 785080785080m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 785080785080m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 773260773260m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.