Commodity market report
| |
0 Pages

Macro oils short-term outlook: May 2017 oil price forecast

Macro oils short-term outlook: May 2017 oil price forecast

Report summary

Barring supply disruptions from Venezuela or Libya, and assuming no military strike on North Korea, our Brent price forecast is $55 for 2017, and $50 for 2018. This view is predicated on an extension of OPEC's production cut agreement through H2 2017, with no extension into 2018. An extension of the agreement through H2 2017 is necessary to drive global stock draws and help rebalance the market. Without an extension, prices will drop.
Our latest supply outlook compounds weak fundamentals with stronger supply coming in from the US, Norway, Kazakhstan, and Iraq. Eagle Ford is responsible for the upward revision to the US, with rig activity and permits ramping up. On the demand side, historic revisions lift the base of demand. But we also see stronger demand in 2018 due to higher petrochemical feedstock, and less of a drag from Europe. However, oil demand in 2017 remains a key risk as the slowdown in China, India and US earlier this year was not so temporary in India and the US after all.

What's included?

This report includes 6 file(s)

  • Macro oils short-term outlook May 2017 Executive Summary.pdf PDF - 277.76 KB
  • Macro oils short-term outlook May 2017 slide pack.pdf PDF - 1.28 MB
  • Macro oils short term outlook May 2017 price outlook.xls XLS - 270.00 KB
  • Macro oils short term outlook May 2017 supply demand.xls XLS - 1.00 MB
  • Macro oils short term outlook May 2017 US dollar.xls XLS - 1.34 MB
  • Macro oils short term outlook May 2017 slide charts.xls XLS - 424.50 KB


The oil industry is one of the largest in the world, with high revenues and costs, and major investments that have long lead times. The short-term outlook captures key industry developments, the impact of events and geopolitical influences on oil prices.

This Oil Markets Short Term Outlook report provides detailed fundamentals of supply and demand.

Crude oil investors can use this report to make short-term tactical decisions and assess the behaviour of industry players and governments.

Wood Mackenzie gives you an informed, independent view on oil prices and the key drivers and trends impacting the oil market. Our highly experienced analysts are based in the key oil producing and consuming regions they analyse, providing detailed field-by-field data and demand forecasts driven by country and sector developments.

Our trusted insight helps you deliver successful growth strategies.

  • Executive summary
    • Non-OPEC: Eagle Ford, Kashagan, and Norway drive upward revisions
    • OPEC: continued adherence and production cut extension drive status quo
    • The supply wildcards: Venezuela and Libya

In this report there is 1 table or chart, including:

  • Executive summary
    • Executive summary: Image 1
Requester's name : .............
Department : .............
Authoriser's Name : .............
Authoriser's signature : .............
Date : .............
Cost Centre : .............

Questions about this report?

Frequently Asked Questions
  • Europe: +44 131 243 4699
  • Americas: +1 713 470 1900
  • Asia Pacific: +61 2 8224 8898
contact us

Why Wood Mackenzie?

As the trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, we empower clients to make better strategic decisions with objective analysis and advice. Find out more...