Fall out of OPEC+ coalition pushed oil prices lower to $31.92/barrel in March, with Q1 20 averaging $50.47/barrel.
In March standalone, consumption was at an historic low of 89.4mbpd compared to February level of 95.7mbpd. As a result, the global crude oil market net surplus was at an historic high of 9.6mbpd compared to 4.4mbpd in February.
EIA forecasts Brent crude oil to average $23/barrel in Q2 20. As non-OPEC crude oil production begins declining due to lower prices and liquid fuels demand increases, prices will increase gradually to average $33/barrel in 2020.
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