HOUSTON, Dec. 5, 2019 /PRNewswire/ -- BBVA Research released its U.S. Oil Prices Outlook, highlighting the expectation that oil production will expand further in 2020, though at a slower pace.
Prospects for oil prices in the coming year assume weak demand growth in a well-supplied market, with tensions in the Middle East and protectionism as the main sources of uncertainty. There is additional uncertainty around long-term equilibrium, specifically CAPEX, protectionism, transportation infrastructure, alternative energy sources, climate change, efficiency and technology.
According to Marcial Nava, BBVA USA principal economist and the report's author, brent crude prices are expected to close 2019 between $60 and $65 per barrel, with long-term equilibrium prices around $60 per barrel. Slower refining activity and low margins have also put downward pressure on demand for crude oil, while inventories are trending close to 5-year averages.
To read the full U.S. Oil Prices Outlook for December 2019, click here. For more information on BBVA Research, click here.
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About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that operates 642 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
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