Executive Summary: Oil market outlook

February 2017

Global oil prices are expected to remain rangebound in the run-up to the next OPEC meeting, scheduled for 25 May in Vienna. Markets expect a high level of compliance with the production cuts agreed by the cartel and some non-OPEC members last year. However, growing oil output in the United States and weaker economic prospects for emerging markets in 2017 will cap price gains.

Brent crude front-month futures have traded between $54.4-57.5/bbl so far in February. GGA forecasts the price will average $55/bbl in 2017 compared with $45.1/bbl in 2016.

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