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Oil price to be lower for longer
Jul 17: The latest July 2017 forecast for crude oil prices is an annual average of US$55.5/barrel for the period 2018-21, according to a very prominent research institute.
8The forecast has been reduced, from US$58.4/b previously.
8The projection says that OPEC will be forced to keep limits on its production beyond the end of the current agreement in March 2018 in order to prevent a wave of oil from returning to the market and sending prices plummeting.
8The problem of plentiful supply coupled with mediocre demand is unlikely to be resolved in the next five years.
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