Oil prices are unlikely to rise significantly this year because of fears of an oil supply glut caused by over production and reduced oil demand due to a slowdown on global economic growth as well as doubts that an oil supply cut deal between the Organization of Petroleum Producing Countries (OPEC) and non-OPEC members reached in December will be implemented fully in early 2019. “Over-production and a reduced increase in global demand are having their impact on oil prices despite OPEC and Russia’s planned cuts,” Natural Hydrocarbons Company CEO Charles Ellinas told New Europe on January 4, adding that this is driven in part by China’s slowing economy, but also due to concerns about the global economy. He reminded that OPEC and Russia are expected to achieve their announced production cuts of 1.2 million barrels per day early in 2019 and the escalating crisis in Venezuela and Iran sanctions are likely to contribute to a further reduction. “But non-OPEC and US crude oil production and exports will carry on increasing, counteracting these. Added to this is pressure from (US) President (Donald J.) Trump on Saudi Arabia to produce more oil to offset the impact of sanctions on Iran,” Ellinas said…. Read full this story
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