Equityworld Futures,Jakarta - What is the average price of crude oil this year? Analysts at ABN Amro stated that oil prices will return to a level of US $ 30 per barrel if the countries are members of the organization of oil exporters or The Organization of the Petroleum Exporting Countries (OPEC) does not continue to cut production.
While Citi analysts believe oil prices could rebound to above $ 70 per barrel at the end of this year. Different predictions provided by Bank of America Merrill Lynch chose the middle road with predicted oil prices will be in the range of US $ 50 a barrel. Citing Yahoo Finance, Monday (27/02/2017), in the long run until 2022 or later, Bank of America Merrill Lynch forecast crude oil will be at a price range of US $ 50 per barrel to US $ 70 per barrel. Estimates vary from one financial institution to other financial institutions to make traders or market players are quite confused. However, generally speaking, if viewed from fundamentals, the price of crude oil is no possibility to crawl up, albeit very slowly. OPEC agreement has been underway for nearly two months. In a preliminary agreement to make sure OPEC will cut global output by 1.8 million barrels per day. OPEC cuts promises will last for six months or since the beginning of the year until the end of June. read Equityworld Futures | US Oil Prices Fall On US Oil Supply Worries Saudi Arabia Energy Minister Khalid Al-Falih said that the production reduction agreement goes well. "Compliance from OPEC member countries is absolutely fantastic," he explained. In addition to OPEC, some oil producing countries that do not join it Like Russia and Oman also promised to reduce production. Russia pledged to reduce the average production of 300 thousand barrels per day. Russian Energy Minister Alexander Novak stated that the production reduction targets to be achieved in April or May. But unfortunately, crude oil stocks in the market have not been reduced considerably. In contrast, crude oil stockpiles in the United States (US) actually increased by 39 million barrels to 518 million barrels since OPEC started cutting production in January. Seeing these conditions OPEC Secretary General Mohammed Barkindo said they would prepare another strategy. Although since the OPEC production cuts, oil prices inched up to US $ 55 per barrel, but the increase in US production that needs to be watched. The country not only add oil wells in operation but also increase the production of 500 thousand bare seiktar oil per day since October 2016. Analyst Bank of America Merrill Lynch's in a note to clients wrote that the rise in oil prices can not be seen as a short term basis. The new Kesembangan will be created in the long term. Within these institutions, a new equilibrium is reached in 2022 and at that time the price of oil will be at the highest level. US Oil Prices Fall On US Oil Supply Worries
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