There is no to worry about the current rise in oil price, which will remain good at $ 65-70 per barrel,” according to a statement given by Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas to a regioanl business channel. Oman crude was traded at $66.44 for March 2018 at on January 12.
According to worldoil.com, the EIA’s January Short-Term Energy Outlook
forecasts Brent crude oil to average $60/bbl in 2018 and $61/bbl in 2019, slightly higher than the $54/bbl average in 2017. In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with US crude oil production increasing more than any other country.