Executive Summary Oil market outlook
May 2018
Rising geopolitical tensions in the Middle East in the aftermath of the United States’ withdrawal from the Iran nuclear deal will help support global oil prices in the run-up to the June OPEC meeting. The deteriorating economic and political climate in Venezuela, together with a strong start to the driving season in the US, will also be bullish for prices.
On 8 May, US President Donald Trump ordered the reimposition of sanctions against Tehran that were suspended in 2015. Some will come into effect after a...