Commodity Market Report
Macro oils short-term outlook: February 2017 oil price forecast
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Report summary
The relative stability in the oil market belies the significant shifts we are seeing in the supply data. With US production ramping up, and some other producers expected to produce more than previously forecast, the market looks oversupplied into 2018. This has led to a change in our outlook for OPEC – we now assume OPEC's current production cut agreement will be rolled over in May to support price stability through H2 2017. Into 2018, against a backdrop of slowing global demand growth, rapid growth in production volumes will inevitably put downward pressure on prices.
Table of contents
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Executive summary
- Non-OPEC Supply – USA : drill baby drill
- OPEC Supply: committed to stability
- Global demand: weak growth in 2018 puts additional pressure on prices
Tables and charts
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- Brent price outlook (nominal)
What's included
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