Energy research firm Wood Mackenzie: Production cut will cause Brent to rise back above $70 a barrel

Baku, December 11, AZERTAC

The output cut will cause Brent to rise back above $70 a barrel, CNBC quoted vice president of macro oils at Wood Mackenzie energy research firm Ann-Louise Hittle as saying.

According to Ann-Louise Hittle, Energy research firm Wood Mackenzie forecasts the production cut will tighten markets by the third quarter of 2019.

OPEC and its allies agreed to cut production by 800,000 bpd, while non-OPEC producers aim to shave 400,000 bpd off the market during the first six months of 2019.