【17year Crude oil cannot miss the wealth storm Faxing Bank:OPECShift towards increasing production in the second half of the year

【17year crude oilDon't miss the Wealth Storm Faxing Bank:OPECShift towards increasing production in the second half of the year

Societe Generale(Societe Generale)analystMichael WittnerLast Friday(2month17day)As the crude oil inventories of member states decrease,OPECWe will shift towards increasing production in the second half of the year, with room for further growth50ten thousand-10010000 barrels/Day.

  OPECLast year, we worked with non Russian countries and othersOPECOil producing countries have achieved a historic reduction in production2017Starting from the first half of this year, there has been a total reduction in production18010000 barrels/Day. It is estimated that,1monthOPECThe yield reduction realization rate is as high as about90%。

  Faxing Bank stated that,1monthOPECReduce production10010000 barrels/Day, higher than before the bank7010000 barrels/An estimate of the day. And it is expected that2017Global crude oil demand will increase in the second half of this year compared to the first half15010000 barrels/Day.

  According to Reuters last Thursday(2month16day)Reportedly, if global oil inventories cannot fall to target levels,OPECPossible extension of production reduction agreement, or from7Starting from the month, we will increase the reduction in production.

  Faxing Bank believes that,OPECThe reduction in production may lead to a significant decrease in inventory and bring the crude oil market back to spot premium this year(backwardation)Status.

  The bank predicts that global crude oil inventories2017Production will be reduced in the first quarter of the year8010000 barrels/Day, the second quarter will decrease6010000 barrels/Day, the third quarter will decrease5010000 barrels/Day, the fourth quarter will decrease4010000 barrels/Day.2017Global crude oil inventories may face their first decline in three years this year.

  WittnerIn the report, it was written that“OPECI don't want to reduce production too much and push oil prices up too quickly, which poses a risk of faster than expected growth in US shale oil supply

  Faxing Bank predicts that,2017Brent crude oil per barrel in the second quarter of the year55USD, USAWTICrude oil per barrel53.50dollar;Brent crude oil in the fourth quarter per barrel60USD, USAWTICrude oil per barrel58.50dollar;2017The average price of Brent crude oil in the year56.25USD,WTIThe average price of crude oil is per barrel54.75USD.

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