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The U.S Energy Information Administration estimates that overall, oil supply will exceed demand for the next two years. The price of black gold will rest around $ 60- $ 61 per barrel.
Since its low in February 2016, when a barrel of oil cost $26, prices have increased by 160 percent and stand currently at $68.
Many factors explain the current high. Firstly, there is the larger than expected depletion of US oil reserves. Furthermore, a joint action to limit global production by the OPEC (Organization of Petroleum Exporting Countries) and Russia has increased the price of oil.
Saudi Arabia recently announced a budget deficit for the fifth year in a row. It signals that the time is over when the country purposely lost money to flood the world market with oil to gain market share and attempt to sink the American shale oil industry.
Some analysts think that oil prices could rise further in 2018. Concerns include a decline of the dollar against the euro and the problems encountered by the Forties pipeline in the North Sea. A number of analysts, however, remain sceptical that prices over time will stabilise at $60 a barrel. According to Peter Rosenstreich, Head of Market Strategies at Swissquote, barrel prices have reached its peak.
Over a short period of time, the United States has become a key player in the global production of oil. Innovation is at the heart of the American's new role, and too bad for the ecological impact it generates. For the year 2018, the increase in production of 11% amounting to 10.3 million barrels per day.
If it is impossible to predict the price of black gold with certainty for this new year, it is admitted, however, that the United States will play a leading role in keeping its price below $ 65.
Crédit photo: skeeze via www.pixabay.com
Source: www.bilan.ch