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The official forecast of the international rating agency Moody's Investors Service assumes a decline in oil prices to 60-65 dollars per barrel in 2020-2022, whereas in 2018 oil will average $78 per barrel, in 2019 - $71 per barrel, Denis Pereverzentsev, vice president and senior credit expert at Moody's reported. He pointed out that OPEC and the US Energy Agency expect further growth in oil demand in 2019 after rising to 1.5 million barrels per day this year. Pereverzentsev also said that in 2019 the market is adapting to a decrease in the supply of Iranian oil and that market regulation by OPEC will be required, otherwise the offer will again exceed demand.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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