Citi believes international oil prices will average $60 a barrel in 2019, remaining near current levels as OPEC-led production cuts encourage U.S. drillers to put more oil on the market.
OPEC, Russia and other producers agreed on Friday to remove 1.2 million barrels per day from the market beginning in January. The move follows a more than 30-percent collapse in oil prices that saw international benchmark Brent crude fall from more than $86 a barrel to a 13-month low at $57.50 last month.
Some analysts forecast the production cuts will cause Brent to rebound back towards $70 or $80 a barrel.
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