Oil prices expected to stay anchored around $65-70 through 2023: Kemp

LONDON (Reuters) – (John Kemp is a Reuters market analyst. The views expressed are his own.) Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters. Despite the recent slump in oil prices, forecasts have edged down by less than $5 per barrel compared with the last annual survey conducted at the start of 2018 and have changed little over the last three years. Long-term expectations for the average price of Brent crude remain anchored around $70 per barrel, close to the $72 average realized in 2018 (tmsnrt.rs/2HebsXA). The results are based on the responses from just over 1,000 energy market professionals to a poll conducted between Jan. 8 and Jan. 11. Brent prices in 2019 are expected to average $65 per barrel, unchanged from surveys in 2016, 2017 and 2018. In 2020, Brent is also expected to average $65 per barrel, revised down by $5 or less compared with prior surveys.   Far fewer respondents now see any risk of prices spiking to $100 or more by the end of the decade as a surge in… continue reading

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