2017 is the first year that the global oil market is truly rebalancing. Driven by the fact that OPEC and major non-OPEC oil producers maintained their high compliance rate and global oil demand maintained strong growth, the global petroleum market accelerated its de-stocking and the international oil price rebounded to its highest level in three years.
From the oil market situation in 2018, the reduction of oil-producing countries agreement to extend until the end of 2018, global oil demand and the United States shale oil production prospects is the determine key to the balance of supply and demand in 2018. In the meantime, the risks to the macroeconomic and financial markets have risen, and the global geopolitical turmoil has intensified. As a result, the oil market will face greater uncertainty in 2018.
Industry insiders predict that the overall global oil market will maintain a tight balance in 2018, with the Brent oil price range moving upwards and the average price is expected to be around US $ 60 per barrel.
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