Why Analysts Think Oil Prices Will Remain Subdued

Oil prices will likely remain around current levels or even lower this year, analysts and economists in the monthly Reuters poll said last week. Sufficient oil supply and spare capacity within the OPEC+ group will be enough to keep prices in the low $70s per barrel, the experts said. Supply shocks would be balanced out with the 5 million barrels per day (bpd) of spare capacity that OPEC+ currently has, mostly within the Middle Eastern producers in OPEC. Major trade and geopolitical developments since last week are likely to put additional downward…