Fitch: Oil prices will remain at $ 60- $ 70 per barrel - ConsultFX

Fitch: Oil prices will remain at $ 60- $ 70 per barrel


According to the calculations of the leading rating agency Fitch, at the moment, the price of black gold demonstrates stability. Experts expect that they will remain at around $ 60 - $ 70 per barrel amid a reduction in oil production by OPEC +.

Analysts remind that US shale oil production is showing steady growth, so next year the global market is not facing a shortage of raw materials. Economists believe that the current level of oil prices will satisfy the majority of market participants, both producers, and consumers of black gold. At the same time, a number of factors are under question, for example, the stability of oil production in countries such as Nigeria, Libya, and Venezuela. The possibility of a recession in the US is also not worth discounting, analysts remind. These factors may adversely affect the global oil market, experts believe.

Recall that following the meeting of the heads of state participating in the OPEC + deal, it was decided to reduce the level of oil production by 1.2 million barrels per day for all countries in total. The deal will last six months, starting in January 2019. 800 thousand barrels, or 2.5% of the oil production reduction, will be accounted for representatives of the cartel of this amount, and 400 thousand barrels, for non-OPEC countries.

The material has been provided by InstaForex Company -