Oil to average in the $60 per barrel range in Q4 2019: Gulf Intelligence survey
A Gulf Intelligence survey took the opinions of 100 energy industry executives one week after the attacks on Saudi oil facilities
Brent crude oil prices will remain near current levels in the $60-a-barrel range through the fourth quarter, according to 42% of respondents in a Gulf Intelligence Survey conducted a week after the attack on Saudi Arabia’s oil facilities. Meanwhile more than a third of those polled expect crude to average in the $70s over the next 3 months.
On Sept. 14, Saudi Arabia suffered the single-biggest strike to its oil infrastructure in the country’s history when critical processing facilities were hit by a series of drones and missiles that knocked out 5.7 million barrels a day of production capacity, which represented some 5% of global supply. Brent crude prices initially spiked to over $70 a barrel and then settled down over the following week to settle in the mid-$60s as the recovery of production commenced.
Still, some 20% of those polled in the Gulf Intelligence Survey of 100 energy industry executives believe prices will fall and average in the $50-a-barrel range during the final three months of the year because global economic growth is weakening and smothering demand.