| There are two main factors that drive oil prices - fundamentals and geopolitical risks. Looking purely at the fundamentals, oil markets are likely to be over-supplied in the near term. Much of this is due to the increases in North American oil production, which is expected to rise by around 800,000 barrles per day (bpd) this year. Despite their recent problems, African supply is expected to rise by at least 100,000 bpd by May, a significant part of that increase coming from Angola and South Sudan.
In the North Sea, where output has dropped significantly in recent years, loadings are expected to recover somewhat in the coming weeks, thanks to increase in oil production and deferrals from previous months...............................................Full Article: Source
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