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Monthly Oil Market Update – March 12, 2020

Fall out of OPEC+ coalition pushed oil prices lower to $34.36/barrel OPEC production declined by 548,000bpd in February to 27.77mbpd Saudi Arabia, Russia and UAE threatened to increased output by 1.76mbpd in April as price war begins. Higher output by...

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  • Monthly Oil Market Update – March 12, 2020
  • Fall out of OPEC+ coalition pushed oil prices lower to $34.36/barrel
  • OPEC production declined by 548,000bpd in February to 27.77mbpd
  • Saudi Arabia, Russia and UAE threatened to increased output by 1.76mbpd in April as price war begins.
  • Higher output by OPEC and other producers is expected to increase world supply to an average of 102.57mbpd over Q2 and Q3 (from 100.55mbpd in Q1).
  • EIA expects Brent crude oil price will average $44/barrel in H1 2020 and $43/barrel in H2 2020, with full year 2020 forecast of $43.30/barrel.
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