Brent crude prices to finish off 2018 above $75/bbl: survey

Brent crude prices will end the year above $75 a barrel, the highest year-end price in four years, according to 59 percent of the 200 energy industry executives polled by Gulf Intelligence (GIQ).

Only eight percent of the survey takers said they were "less optimistic" and expected prices to "fall below $65 over the coming months."

Nearly 81 percent of respondents believed that OPEC should extend its current agreement with non-OPEC countries to curb supplies by a total of 1.8 million barrels a day for a third year into 2019.

Last month, OPEC secretary-general Mohammad Barkindo said that OPEC and non-OPEC countries were planning to agree on a framework for long-term cooperation by December.  

Meanwhile, 58 percent of survey takers felt the reintroduction of unilateral US sanctions on Iran from November will prove to be the "biggest factor destabilizing oil markets over the next six to 12 months."

Thirty-five percent of the respondents said growing trade war between China and the US, the world’s two largest oil consumers, could be the source of "greatest supply disruptions" over the next year.

“We anticipate a decline in demand mainly driven by the trade dispute between the US and China, but also monetary policy normalization which will affect global growth,” said Dr Fahad Al Turki, chief economist and head of Research, Jadwa Investment, who also participated in the survey.

“All this will potentially reflect on oil prices. We’re looking at $68 (average) for this year and $73 for 2019,” he added.