What's driving long-term oil prices?

OIL and gas production over the last 12 months has continued to rise, but not at rates that were initially expected, according to Westpac director of economics Justin Smirk. However, decent growth and demand has left the oil market in a neutral position over the year.

What's driving long-term oil prices? What's driving long-term oil prices? What's driving long-term oil prices? What's driving long-term oil prices? What's driving long-term oil prices?

 

Smirk told Energy News in an interview following his presentation at RUI Good Oil 2019 Conference, that there were two forces at play over the period: OPEC cutting production, which was offset