The oil market will soon swing into undersupply, supporting Brent crude above $75 a barrel, Morgan Stanley forecasts.
div > div.group > p:first-child"> OPEC's supply cuts and U.S. sanctions against Iran and Venezuela will push the oil market into undersupply and boost the cost of crude in the coming months, Morgan Stanley forecasts.
"Conversations with several OPEC officials left us with the impression that Brent in the mid-$60s is not where the cartel would like to see it," Morgan Stanley global oil strategists Martijn Rats and Amy Sergeant wrote in a research note on Tuesday. Morgan Stanley also believes output disruptions from Venezuela will accelerate following this month's power outages and U.S. sanctions on state oil giant PDVSA. The bank cited estimates from oilfield services firm Schlumberger at CERAWeek that Venezuela's production might have plunged to roughly 600,000-700,000 barrels per day this month.
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