Oil & gas prices to fall below expectations over coronavirus epidemic, Rystad says

As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts.

Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel in 2020, are now forecast to slump to about $56 per barrel for the year following revisions to Rystad’s January forecasts. Another negative revision might be around the corner due to the increasing downside risk, Rystad added.

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