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

Grab (Ist)

Kamis, 11 Oktober 2018 - 12:36 WIB

Women Activists Criticize GRAB Indonesia on Victims Harassment Mediation

A number of women activists express their anger and regret at the GRAB Indonesia. The Malaysian applicator response to bring together between a driver partner who is allegedly harassed his passengers…

Panen Padi (Foto Dok Industry.co.id)

Senin, 08 Oktober 2018 - 03:30 WIB

Banten Lebak Farmers Harvest 55,622 Tons of Dry Grain

Lebak-Petani in Lebak Regency, Banten, during September 2018 harvests rice in an area of ​​9,347 hectares of paddy fields with a production of 55,622 tons of dried pungut (GKP) grain.

Bawang Merah (Ist)

Senin, 08 Oktober 2018 - 03:00 WIB

Kelompok Tani Sengingi Riau Panen Bawang Merah

Kuantan Singing - Beken Jaya Benai Farmer Group in Kuantan Singingi Regency, Riau Province harvesting shallots up to tens of tons managed on a quarter hectare of land, the results can improve…

Listrik Ilustrasi

Senin, 08 Oktober 2018 - 02:00 WIB

Electrical System in Central Sulawesi is 75% Normal

Jakarta - Electricity, telecommunications, roads, airports and fuel supply (BBM) infrastructure have begun to recover in areas affected by the earthquake in Central Sulawesi. Assistance from…

Samsung

Senin, 08 Oktober 2018 - 01:30 WIB

Samsung and Lazada Strengthen Partnerships in Super Brand Day

Jakarta - Lazada, the largest eCommerce portal in Southeast Asia together with Samsung Electronics Southeast Asia and Oceania, confirmed their regional partnership for three years at the Super…