BofAML’s Blanch: Brent Could Hit $70 in 2020 If Demand Recovers

The video discusses the impact of supply disruptions on oil prices, highlighting significant losses from OPEC, Venezuela, and Iran. It predicts future oil prices, considering potential demand rebounds and OPEC's production cuts. The video also examines the slowing growth of US shale production and the rise of non-OPEC, non-shale oil sources like Norwegian and Brazilian oil. Finally, it addresses demand-side factors and the influence of IMO 2020 on fuel markets.

What has been a major factor in supporting oil prices despite potential for $40 oil?

• Increased demand from Asia

• Decreased production costs

• Supply disruptions from OPEC and other countries

• Technological advancements in oil extraction

What could potentially drive oil prices to $70 a barrel next year?

• OPEC increasing production

• A cyclical rebound in demand and maintained production cuts

• New oil discoveries in the Middle East

• A decrease in global oil demand

What trend is observed in US shale oil production?

• Rapid growth

• Stagnation

• Deceleration

• Complete halt

Which regions are contributing to the increase in non-OPEC, non-shale oil production?

• Norway, Brazil, and Canada

• Russia and China

• Middle East and Africa

• Australia and India

What is the significance of non-OPEC, non-shale oil production entering the market?

• It will decrease global oil prices significantly

• It will diversify the sources of oil supply

• It will lead to a decrease in oil demand

• It will cause a shortage in the oil market