US shale juggernaut will stomp on Opec’s oil plans | Financial Times:
Opec and Russia started the year cutting oil production, spent the middle of the year raising production and have ended the year by agreeing to cut it again.
That, in a nutshell, is the narrative of the oil market in 2018. But while it is the time of year for looking backwards, what it tells us about what lies in store for 2019 may be causing a few sleepless nights in Riyadh and Moscow.
Oil prices may still be on course to average near $70 a barrel for the first time since the market crashed in 2014, but they are exiting this year at a lower level than they started on January 1. It will take a brave trader to bet that crude will finish 2019 above $70 again.
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