Analysis & Opinions - Bloomberg Opinion

Even If OPEC Cuts, Oil Prices Could Still Fall in 2019

| Nov. 29, 2018

Some of us are starting to associate turkey with low oil prices.

Just four years ago, on Thanksgiving Day in 2014, OPEC held a meeting in Vienna, the outcome of which set off a dramatic slide in oil prices. The price of Brent crude dropped $6 a barrel, or 8 percent, in just the 24 hours after OPEC announced the outcome of its meeting. This Thanksgiving, there was no OPEC gathering, but on Friday, the Brent price still slid nearly $4, or 6 percent, to its lowest mark in a year. Although the price has since stabilized, we cannot rule out a further slip in the weeks or months ahead.

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For Academic Citation: O'Sullivan, Meghan.“Even If OPEC Cuts, Oil Prices Could Still Fall in 2019.” Bloomberg Opinion, November 29, 2018.