Oil Prices Seen Stuck Below $60 This Year as High Stocks Persist
- Market balancing to continue into second half of year: Apicorp
- OPEC expected to roll over output cuts agreement, lender says
Saudi Energy Minister Says Oil Fundamentals Have Improved
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An historic agreement between OPEC countries and other oil producers to reduce their output won’t be enough to nudge crude prices above $60 a barrel this year, according to energy lender Arab Petroleum Investment Corp.
Consumer countries have built up large stockpiles of crude during nearly three years of low prices, and U.S. shale production is rebounding as prices have recovered since OPEC reached the production deal November. That means the process of balancing the market will take at least until the second half of this year, the company known as Apicorp said Monday in a report.