15.11.2016 - OPEC Expects Crude Oil Prices to Hit $60 by 2020
The EIA (U.S. Energy Information Administration) estimates that crude oil supply could outstrip demand by 730,000 bpd (barrels per day) in 1Q17. High US crude oil, gasoline, and distillate inventories, the strengthening dollar, and rising US crude oil rigs could also pressure crude oil prices. The failure of OPEC’s (Organization of the Petroleum Exporting Countries) plan to cap production and successful implementation of Donald Trump’s energy policies would mean a period of lower crude oil prices. Goldman Sachs (GS) expects that the failure of OPEC’s meeting could see US crude oil prices test $40 per barrel in the short term............................................Full Article: Source
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