Will International Crude Oil Prices Greatly Rebound?
Hou Xintong
/SOURCE : yicai
Will International Crude Oil Prices Greatly Rebound?

No, they will not. 

The predicted average crude oil price for the entire year will be basically equal to last year's.

With the slowdown of global economic growth, the Big Three crude oil organizations (OPEC, EIA and IEA) have simultaneously lowered their demand for global crude this year. On the other hand, the output reduction of 'OPEC+' starting from this year still needs time to manifest its effects and the implementation of the output reduction agreement struck by the parties involved also awaits further observation.

However, with the price of US Texas crude oil futures (West Texas Intermediate) falling below USD50 per barrel, the output of shale oil this year is expected to decline. In addition, the exemption from import bans under the regime of US sanctions against Iran that involves eight countries and regions will expire in May. These two factors may ease the crude oil glut in the global market to some degree.

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Keywords: Predictions2019 , Crude Oil