Brent crude oil prices have remained stubbornly below $70 per barrel for nearly all of the year thus far. But a new poll from Gulf Intelligence indicates that many industry observers expect Brent to move back up to this level in the near future.
Gulf Intelligence said on August 7 that 63% of its respondents believed Brent prices were likely to take a bullish turn as a result of the extension of a deal between OPEC and other oil producers. Members of OPEC decided in late June to keep production cuts in place until March 2020, and Russia threw its support behind the plan.
The poll also highlighted the fact that many industry observers view the U.S. unconventional oil sector as a check on OPEC’s ambitions. According to Gulf Intelligence, 77% of respondents agreed that rises in U.S. shale oil and tight oil production levels were undermining OPEC’s pricing policy.