[Singapore 9 Reuters]-Among industry participants participating in the Asia-Pacific Petroleum Conference (APPEC), uncertainty about the global economy, prolonged US-China trade war, and US supply increase will increase crude oil prices this year Many people said that they would press on.
APPEC is an annual meeting that brings together industry professionals and top companies. At this year's meeting, last year's bullish outlook, which expected the price at the beginning of 2019 to be $ 100 per barrel, was overshadowed by conspicuous expectations.
North Sea Brent futures <LCOc1> rose to $ 86 per barrel in October 2018, but fell to around $ 50 in December. Currently it is picking up to around $ 62.
Ben Luccock, co-head of the oil trading division of oil trading company Trafigula [TRAFGF.UL], said, “This year is flat, the outlook is bearish towards the end of the year. I hope the new regulations of IMO) will boost the market. "
IMO will apply the regulations on the sulfur content of marine fuels from 20 years.
While oil prices are squeezed by trade friction between the United States and China, the coordinated production cuts led by the Organization of Petroleum Exporting Countries (OPEC) and Russia are supporting the market.
Giovanni Serio, Global Head of the Vitor [VITOLV.UL] Research Division, “Various factors are balancing and giving the market a certain level of stability. There is no doubt that it is in. "
Cosmo Oil President Shunichi Tanaka pointed out the expansion of crude oil production in the United States. "If OPEC does not reduce production, supply will be excessive. Supply-demand relations will loosen in 20 years and pressure on crude oil prices."