by Gary Ashton, May 12, 2018 in Investopedia
Disruption in Iran could force OPEC to adjust up production levels earlier than it had expected and could prompt U.S. shale drillers in West Texas to drill more. Despite these efforts to fill in for lost supply, analysts at Bank of America still expect oil to reach $100 per barrel in 2019.
OPEC and IEA Reports Up Next
On Monday, traders and analysts will get a look at the latest OPEC monthly oil market report. Key data to watch for are any additional upward revisions to world oil demand. Last month, OPEC revised 2018 world demand growth to 1.63 million barrels per day. Total demand for the year is forecast to average 98.7 million barrels per day. Traders will also be looking at OPEC’s world supply expectations. In last month’s report, OPEC said that it expects non-OPEC supply to grow by 1.71 million barrels per day in 2018, with the U.S. accounting for most of the supply growth.