BofA: Strong OPEC+ Output Compliance Could Push Oil to $70 by Q2

published:10/12/2019 05:20 GMT

Strong compliance by OPEC and its allies with a deal to curb oil production and positive economic developments, including a U.S.-China trade deal, could push Brent to US$70 a barrel LCOc1 before the second quarter of 2020, BofA Merrill Lynch said. Oil producers led by Saudi Arabia and Russia, part of a group known as OPEC+, agreed last week to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March. "Iraq remains a key focal...More