Opec deal can send crude oil price above expectations
Published on: Wednesday, October 05, 2016
Kuala Lumpur: Crude oil price could potentially beat expectation following the Organisation of the Petroleum Exporting Countries' (Opec) deal to cut output to between 32.5 million and 33 million barrels per day (bpd) from 33.7 million bpd currently.In a research note Tuesday, Maybank Kim Eng Research (Pte) Ltd said the output cut deal was the first time since 2008.The research house said its current house view was for crude oil prices to average US$42.50 per barrel this year and US$50 next year.
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"Crude oil prices could potentially overshoot our expectations if production is cut," it said.Stay up-to-date by following Daily Express’s Telegram channel.
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