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This is the Normal Oil Price
The normal oil price is $97 per barrel. That’s what Skandinaviska Enskilda Banken AB (SEB) Chief Commodity Analyst Bjarne Schieldrop said in a new SEB report, which was sent to Rigzone on Tuesday. “Normal in the eyes of most market participants today is $60 per barrel, but this perception is probably largely based on the recent experience of the market,” Schieldrop stated in the report. “The average Brent crude oil price from 2015-2019 was $58.5 per barrel, but that was a period of booming non-OPEC supply, mostly shale oil,” he added. “But booming shale oil supply is now increasingly coming towards an ... (full story)