Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
00883 CNOOC
RTNominal down18.700 -0.080 (-0.426%)
Others

09/03/2020 15:23

{I-bank focus}Morgan chops Brent and WTI oil price forecasts

[ET Net News Agency, 9 March 2020] Morgan Stanley said a series of production cuts over
the last 3+ years ultimately failed to boost oil prices but nevertheless led to
considerable erosion of OPEC market share.
The research house argued that continuing production cuts may no longer be in OPEC's
long-term interest. Hence, risks that OPEC+ would abandon this strategy were increasing.
From the end of March, there are no constraints to oil production for any OPEC+ member
countries. From here, the incentive for individual countries is to maximize production and
rebuild market share.
Following the November 2014 meeting - an analogous break-down - OPEC output rose by 1.5
mb/d over the subsequent 12 months. On this occasion, Morgan forecast a similar increase
in OPEC+ production of 1.4 mb/d between January and December 2020, leading to a 1.0 mb/d
upward revisions in its forecast for OPEC+ production in 2020.
Morgan estimated Brent will need to fall to US$35/bbl (previous forecast US$57.5) in 2Q,
and US$40-45/bbl (previous forecast US$60) in 2H. For NYMEX WTI, Morgan revised down its
forecasts to US$30, US$35, and US$40 for 2Q, 3Q, and 4Q respectively, down from US$52.5,
US$55, and US$55. (KL)

Remark: Real time quote last updated: 19/09/2024 11:50
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2024 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.