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With global markets in short supply, U.
S.
investment bank Morgan Stanley raised its price forecast for Brent crude oil in the second half of the year to $
85 per barrel.
The global benchmark crude rose $7.
50/b, reflecting a 1.
1 million barrel-per-day (MMBPD) reduction in production in Iran and 600,000 barrels of oil equivalent lost
in Libya and Angola.
Bank analysts believe that production growth in Saudi Arabia, Russia, the UAE and Kuwait will not offset supply disruptions and balance the market
.
At a time when oil demand is high, Iran's data is based on tougher-than-expected U.
S.
policies
.
Previously, Morgan Stanley had predicted the impact of Trump's sanctions on Iranian production, with a capacity of about 700,000 barrels
per day in 2019.
"Over the course of last week, downside risks to future Iranian oil supplies increased rapidly," said Martijn Rats, the bank's head of European oil and gas equity research, "Tehran's exports to the three main export destinations of Europe, Japan and South Korea will be reduced to a minimum
.
" ”
On Wednesday, Brent crude for September delivery at 12 o'clock ET traded at $77.
97 a barrel
.
With global markets in short supply, U.
S.
investment bank Morgan Stanley raised its price forecast for Brent crude oil in the second half of the year to $
85 per barrel.
The global benchmark crude rose $7.
50/b, reflecting a 1.
1 million barrel-per-day (MMBPD) reduction in production in Iran and 600,000 barrels of oil equivalent lost
in Libya and Angola.
Bank analysts believe that production growth in Saudi Arabia, Russia, the UAE and Kuwait will not offset supply disruptions and balance the market
.
At a time when oil demand is high, Iran's data is based on tougher-than-expected U.
S.
policies
.
Previously, Morgan Stanley had predicted the impact of Trump's sanctions on Iranian production, with a capacity of about 700,000 barrels
per day in 2019.
"Over the course of last week, downside risks to future Iranian oil supplies increased rapidly," said Martijn Rats, the bank's head of European oil and gas equity research, "Tehran's exports to the three main export destinations of Europe, Japan and South Korea will be reduced to a minimum
.
" ”
On Wednesday, Brent crude for September delivery at 12 o'clock ET traded at $77.
97 a barrel
.
