Reuters has polled 29 analysts and economists on their views of oil price given the recent OPEC deal. Like me, most don’t see the OPEC deal having much impact on prices in the longer-term and that the deal would need to be extended beyond the six-months currently in play. “In the medium term, we can expect tighter market balances but for a substantial price recovery to take place, significant demand growth will be required to draw down high inventories of crude and products,” said Shakil Begg, head of Thomson Reuters Oil Research and Forecasts. “Curtailments from OPEC are required throughout 2017 to rebalance the market as U.S. shale supplies are expected to hit the market in 2017,” said Rahul Prithiani, director at CRISIL Research. In fact, 16 of those analysts kept their price forecasts unchanged….. Find the Reuters article here..
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