CS Energy Forecast Revision November 2013

Commodity Spotlight Energy


Plentiful supply dampens oil price outlook


The global oil market should remain amply supplied in 2014, since non-OPEC supply will rise faster than global oil demand, according to estimates of the oil agencies. This is largely thanks to the significant expansion of oil production in the USA, which should force OPEC to reduce supply in order to keep the oil market in balance. We have therefore lowered our oil price forecast for next year to an average of 106 USD per barrel. Numerous geopolitical risks still stand in the way of a larger price decline.

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