As a petrol station owner, it pays to keep up with global oil trends. After all, the rises and falls in crude oil and processed petroleum products do impact significantly on your business.
While it is paramount to have top-notch fuel tanks, diesel pumps, fuel bowsers, dispenser pumps, and other petroleum products, it is also crucial to work with a petrol supplier in Durban who understands the ins and outs of the industry.
As 2017 comes to a dramatic close, we are going to walk you through a few hints on oil price forecast for 2018 and possibly beyond. Even before delve right into it; let’s look at a few facts about oil prices and petrol filling station business in the recent years.
- On 20 January last year (2016), the world’s crude oil price hit a 13-year low of $26.55 per barrel. By comparison, the cost stood at around $60 per barrel 6 months in June 2015, only 6 months earlier. Even more interesting, the figure staggered at around $100 per barrel as of June 2014.
- The oil prices have been changing daily due to swings in oil demand versus supply. That’s because the petroleum industry has shifted its tacts and ways of doing business.
- OPEC, which is the body overseeing quotas and output cuts on behalf of oil-producing countries, held an impromptu meeting on 30 November 2017. Accordingly, the oil price rose to a 30-month high.
- Shale oil producers in the US are beginning to up their production, with around 9.7 barrels per day in November.
- Petrol stations in South Africa are embracing technology and the latest in fuel tanks, dispensers pumps, and petroleum products primarily in Durban. More and more stations are installing high-quality diesel tanks in Durban.
- Shale oil producers will continue revving up their production, with 9.8 million barrels per day envisaged for 2018 and possible through 2020.
- The average oil price is estimated to be $57 per barrel in 2018, with low of $48 per barrel and high of $68 per barrel.
- OPEC will continue its production cuts through 2018. That means OPEC oil output will stand at around 32 million barrels per day.
- Talking 2020 and beyond, the global oil price will probably hit $200 per barrel with OPEC still in tight control.
About This Forecast
This oil price outlook is brought to you by Jovic Diesel Services, the premier petroleum products supplier in Durban. We also specialize in the supply of fuel tanks, diesel pumps, and dispensers, fuel bowsers, and so much more. You can count on us on high-quality at affordable prices.