Commodity Market Report
Macro oils short-term outlook: February 2017 oil price forecast
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
-
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
This report includes the following images and tables:
-
Brent price outlook (nominal)
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Macro Oils short-term outlook May 2020
Low demand, plunging production and pressure on storage. But for all the changes, our price forecast for Brent remains largely the same.
$2,000
Commodity Market Report
Macro oils short-term outlook: April 2024
This quarter’s tighter fundamentals provide support to prices as the oil market focuses on political risk
$2,000
Commodity Market Report
Macro oils short-term outlook: August 2024
Market weighs up geopolitical risk versus weaker economic growth
$2,000
