The Oil & gas industry in 2018 received stimulus through upward oil and gas price corrections resulting in renewed interest in upstream investment. Downstream companies generated desirable returns to remain in the hunt for growing business.
Oil price showed less volatility in 2017, presented rising signs primarily owing to production cuts of around 1.8 million barrels per day (bpd) by both OPEC and some Non-OPEC producers.
Moody’s and S&P predict average oil price to be around $55 per barrel (b), whereas Goldman Sachs and Credit Suisse are predicting Brent price to be $62 and $60 per barrel in 2018. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017 and West Texas Intermediate (WTI) crude oil prices are forecast to average $4/b lower than Brent prices in 2018.
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