Macquarie has upgraded its forecasts for 2019 oil prices, noting just as oil prices rally, LNG prices ease. The broker's forecasts for Brent have been lifted to US$67/bbl for 2019 on the basis that OPEC cuts are likely to be renewed, and there will be indefinite sanctions maintained against Iran and Venezuela. Commonwealth Bank analysts envisage Brent oil finishing 2019 at US$70/bbl. While falling production in Venezuela and Iran have added to the tightness in markets both countries, along with Nigeria, were exempt from the OPEC-led supply cuts because oil production appeared well below normal levels. Last minute ... (full story)