Global Crude Oil Predicted to Stay Below US $ 70 per Bare

By : Abraham Sihombing And Aldo Bella Putra | Tuesday, April 03 2018 - 17:30 IWST

Kilang Minyak (Ilustrasi)
Kilang Minyak (Ilustrasi)

INDUSTRY.co.id - Jakarta - The price of crude oil in global markets is expected to remain below US $ 70 per barrel until 2019. That's because of the continuing supply abundant in the world oil market.

In his research note, Tuesday (03/04/2018), Indo Premier Security’s analyst team, explained, the opinion was raised to respond to various data and the development of global petroleum policy.

As is known, Russia's oil production volume in March 2018 increased to 10.97 million barrels per day (bpd) despite an agreement on production restrictions with OPEC. In February 2018, the production volume of the country's iron curtain was 10.95 million bpd.

Along with that, as reported by CNBC, Saudi Arabia as the largest crude oil exporter is predicted to cut prices of all types of oil sold in Asia in May, in line with the decline in Dubai crude oil prices.

Meanwhile, Iraq as OPEC's second largest producer also produces crude oil that exceeds the agreement of 5 million bpd by early 2018 compared to 4.4 million bpd as agreed by OPEC.

In fact, on Monday, the Iraqi parliament plans to raise production capacity to 6.5 million bpd by 2022. Therefore, crude oil prices will remain below $ 70 per barrel in 2018-2019 due to an abundant supply. (Abraham Sihombing)

News Comment

Today's Industry

Vaccine Covax-19

Kamis, 03 September 2020 - 16:05 WIB

$1m for Covax-19 vaccine work

The $1 million grant is one of 13 early stage biomedical projects to receive funding through the Federal Government’s Biomedical Translation Bridge (BTB) program, part of Australia’s landmark…

Jonathan Knudsen - Senior Security Strategist, Synopsys Software Integrity Group

Rabu, 02 September 2020 - 15:50 WIB

How to Cyber Security: Pain in the AST

Language is tricky, especially in areas where it is evolving quickly. Software security is a young and volatile field where new terminology ebbs and flows continually.

Ilustration Palm Oil (RSPO)

Jumat, 21 Agustus 2020 - 20:05 WIB

Shared Responsibility Boosts Sustainable Palm Oil Absorption In Indonesia

The Roundtable on Sustainable Palm Oil (RSPO) has been upholding the shared responsibility concept after its adoption in the 15th General Assembly in 2018.

HackerOne (Images by Tekno Tempo.co)

Rabu, 19 Agustus 2020 - 16:50 WIB

COVID-19 puts CISOs under strain: 21% of Businesses In Singapore Have Seen More Attacks During The Pandemic

HackerOne, the world’s trusted hacker-powered security platform, today revealed research that 21% of businesses in Singapore have seen an increase in attacks on their IT systems as a result…

HIMA's HIQuad X safety systems (Photo by HIMA)

Rabu, 12 Agustus 2020 - 14:45 WIB

Australia's Nickel West Modernized with HIMA’s HIQuad X Safety Systems

Nickel West, a fully integrated mine-to-market nickel producer, part of one of the world's leading producers of major commodities BHP in Australia