Global Oil and Gas Report Q4 2017
BMI View: While the oil price outlook remains bearish, the global industry is learning to adapt andinvestment in new production is beginning to pick up. However, for both production and consumption weincreasingly favour gas over oil, due to continued evolution of the policy and technology environments.
Key Global Market Trends
The oil price outlook remains bearish over our five-year forecast period, dragged down by a large globalprojects pipeline up to 2019, high inventory levels and strong growth amongst low-cost producers, suchas the US and Middle East.
However, companies are adjusting to the lower-for-longer price environment, with oil majors lookingincreasingly comfortable at USD50/bbl.
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