Commodity Market Report

Macro Oils Short-Term Oil Price Forecast: OPEC steps up

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

Why buy this report?

  • Get short term oil price forecasts and analysis of the factors that will influence macro oil price in the short term
  • Get supply, demand and market analysis from our global team of experts, and understand the risks to our current outlook, including:
  • 1. Venezuela: how long will sanctions remain in place?
  • 2. China: how will an expected slowdown in Chinese growth affect oil demand?
  • 3. Globally: What about the impact of IMO?

With little change to our supply outlook and high levels of political uncertainty, we have made minimal changes to our macro oil price outlook. The outcome to the stand off in Venezuela remains unclear amid emerging signs of a potential prolonged resolution as the bite of sanctions takes effect. Even as sanctions reduce Venezuela and Iran’s production, other producers in OPEC have sharpened their production restraint to cut into potential oversupply for 2019.

Table of contents

  • Steady growth in global demand
  • Despite upward revision to China demand, trend of slowing growth maintained
  • While demand risks are mainly to the downside, could the power sector provide some upside?
  • Global supply:
  • Non-OPEC supply: growth persists above two million b/d in 2019 and 2020
  • US Lower 48: marginal upward revisions as operators put emphasis on completion in H2 2019
  • OPEC: risk of potential disruption from geopolitical risk and sanctions
  • Venezuela: pressure on Maduro ratchets up
  • Libya: El Sharara production to resume as NOC lift force majeure
  • Nigeria: Buhari wins a second presidential term

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Macro Oils short-term outlook March 2019 slidepack.pdf

    PDF 1.40 MB

  • Document

    Macro oils short term outlook March 2019 slide charts.xls

    XLS 596.50 KB

  • Document

    Macro Oils short-term outlook: OPEC steps up

    ZIP 762.38 KB

  • Document

    Macro oils short term outlook March 2019 data.xlsx

    XLSX 2.59 MB