Analysts Look Forward to Oil Prices Hike This Year

According to various analysts, the price of crude oil will go high this year and they have the confidence the Russian and OPEC cuts will counterbalance the recent surge of US production.

The production of Brent crude, as per the expectation of analysts, will now reach an average of US $ 63 per barrel, which is just a bit higher the earlier projection of US$ 62.37 in the earlier poll conducted in last January.

“That its [the U.S.] oil market is dominated by a large number of uncoordinated, private-sector firms, many of whom benefit from lower production costs than producers elsewhere, means the U.S. will remain a major player for the foreseeable future,” said Caitlin Birch of Economist Intelligence Unit.

Suhail Al Mazrouei, Energy Minister of UAE expressed his opinion earlier in this week that production cuts of Russia and OPEC had exceeded the international market expectations, which will help the oil price hike

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