Oil price news

EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.

Rystad Energy now predicts that US oil production grows so fast that an all-time high of 10 million bpd could be reached before December 31st this year.

Nizam Hamid, Head of Strategy in Europe at WisdomTree, considers how today's OPEC meeting will affect the volatility of the oil price.

With abundant supply potential, Rystad Energy expects US gas companies to see a large LNG export potential to China after President Donald Trump and President Xi Jinping reached the bilateral trade agreement last month.

Sam Wahab, director of oil & gas research at Cantor Fitzgerald Europe, comments on this week’s Opec meeting and the planned listing later this year of Aramco by Saudi Arabia.

Oil prices could touch highs last seen in April when the Organisation of the Petroleum Exporting Countries (Opec) convenes its next meeting in Vienna on 25 May, WisdomTree’s Nizam Hamid has said.

Oil prices are unlikely to rebound significantly from current levels, with a glut of supply and increasingly advanced methods of extraction set to keep the commodity’s price lower for longer, according to Stephen Jones, CIO at Kames Capital.

In the first two months of 2017 OPEC members have demonstrated an unprecedented level of compliance with the production cuts agreed in late 2016.

A review of the employment environment in the energy sector by Petroplan has found that, despite a major contraction in the value of the energy employment market over the past two years, global oil prices are now around the level where demand for talent looks set to pick up again.

Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency.