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Standard chartered expects brent to reach $70 by 2020 as demand improves

Standard chartered analyst Emily Ashford, among others, wrote in a note that brent should average around $70 a barrel this year and $67 next year.

Global oil demand should grow by 1.1m b/d this year, up from 740m b/d in 2019.

For OPEC, market management will be easier in 2020 than in 2021; Crude inventories have fallen by 90,000 b/d this year, but by 82,000 b/d in 2021.

Iran, venezuela and Libya remain the main variables in OPEC’s supply; Increased supply from these producers would “force OPEC and its OPEC+ partners to take some difficult actions”.

Ford Austin

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