OPEC Cut Extensions Seem More Likely; Slightly Raising Our Near-Term Oil Price Forecast
We’re slightly modifying our near-term outlook for oil prices, given the increased likelihood that OPEC will extend production cuts at its November meeting to the end of 2018. In our base case, we now expect the cartel and its partners will agree to continue withholding 1.8 million barrels, or mmbbls, per day of oil throughout 2018, despite the threat of surging U.S. production and the potential loss of share. However, the effectiveness of the cuts depends on the level of compliance. Our forecas...
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