Posted by OilVoice Press - OilVoice
The medium-term future of the oil & gas industry rests with OPEC's impending decision to potentially extend production restrictions beyond the end of March 2018. Westwood predicts a nine-month extension would lead to a supply-demand equilibrium in 2018, avoiding a return to a significant supply glut. With no such extension currently agreed, Westwood's base case is an oversupplied market comparable with that of 2015.
2015-2019 supply-demand balance: base case vs extended OPEC cut
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