NEWS： Oil industry executives call trade wars and global economic uncertainty
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At this year's meeting, energy executives were less optimistic about the outlook than they were last year. Last year, oil prices were forecast to reach $100 a barrel by early 2019.
On the contrary, Brent crude oil futures fell to nearly $50 in December after hitting a high of about $86 a barrel in October 2018, and are now rising to nearly $62.
"Such a flat price is the best situation this year. We are pessimistic about the oil price before the end of the year. It is hoped that the International Maritime Organization (IMO) will help us recover in 2020, "said Ben Luckock, co-head of Tork Oil Trading.
He refers to the new requirement of the International Maritime Organization (IMO) to reduce the sulfur content cap of marine fuel oil, which will be implemented in 2020.
Trade disputes between the United States and China, the world's largest oil consumer, have curbed oil prices, but production cuts led by the Organization of Petroleum Exporting Countries (OPEC) and Russia have supported the oil market.
"Current checks and balances between various factors have stabilized oil prices to some extent," said Giovanni Serio, global research director at Victoria, a commodity trader.
"Oil prices may break in any direction, depending on which uncertainties have greater impact. But there is no doubt that we are in a period of uncertainty, even unprecedented uncertainty.
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