I'll say it again for dang near the thousandth time in the past 12 months or so ...
I expect an average of $70 Oil [Brent] for 2019.
In my view, $70 oil is a suitable, sustainable balance between global oil producers and global oil consumers...
Not too high, not too low. Goldilocks price.
At $70 oil, sufficient profits can be made by most oil producers to reinvest in exceedingly cost intensive Exploration activities, as well as get caught up on long-delayed major maintenance activities, as well as un-mothball years-delayed projects. (Some OPEC country leaders that depend on $90+ oil prices may be inching toward receiving Darwin Awards from their minions. Can't please everyone...)
My concern at the moment is the Mainstream Media and traders will go into an irrational feeding frenzy and push oil prices artificially higher by this Summer, overshooting the Goldilocks $70 price and push *too high* toward $80+ prices. And then in Fall this year over-react again and drop back down below $70 yet again.
Just look what happened last Summer and Fall... seems like a repeat is heading this way again.
Anyway, great news that Exploration & Production activities are ramping up again, due to that magical $70 oil trigger.
If Oil [Brent] can stay near the Goldilocks $70, then perhaps we can avoid another horrific roller coaster ride of oil price craziness.
Just my opinion; as always, you are free to disagree.
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