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Fitch has maintained the Outlook on the price of Brent crude oil in 2019-2020 and lowered for 2022-2023 years.

"Oil of Russia" 05.07.2019 at 09:56

Analytics company, Fitch Solutions, part of the Fitch group, has maintained its forecast for the price of Brent crude oil in 2019 and 2020 at $ 70 and $ 76 per barrel, respectively, according to the Agency Bloomberg with reference to the overview Fitch Solutions.

According to Agency's estimates, the cost of Brent crude oil in 2021 will amount to $ 80 per barrel in 2022 and 2023 82 dollar per barrel. The Agency notes that the forecast for 2022 and 2023, lower than previous expectations, which is associated with the impact of a prolonged trade war between the US and China.

Forecast of cost of oil of mark WTI for 2019 is $ 63 per barrel in 2020 – 69 dollars, 2021 – $ 74, 2022 and 2023 – $ 77 per barrel.

According to the experts of Fitch Solutions, a long-term solution to the trade dispute between the US and China may take years, but any reduction in tensions will support prices. "We expect moderate growth in supply, which in General will balance the increase in demand, given that OPEC+ agreed to extend the production cuts until March 2020, while production growth in the U.S. slows," added the experts.

OPEC+ on the current week agreed to extend the deal to reduce the extraction of raw materials on the same terms for another nine months. The deal OPEC and several non-organisation countries (OPEC+) reduction of oil production is valid from the beginning of 2017. For the first half of 2019 it was agreed in the amount of 1.2 million barrels per day from October 2018.

Source: PRIME