$80 Brent Acceptable for All

$80 per barrel Brent is an acceptable level for all to live with.

That’s according to Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd (ADCL), who expressed the view in a television interview with Bloomberg on Wednesday.

“I think there’s a consensus … across the world, even for the United States. An $80 Brent or maybe around the $64 WTI [West Texas Intermediate] is an acceptable level for all to live with,” Yasin stated in the interview.

The ADCL representative told Bloomberg that his company is “a bit more bullish” now in terms of Brent prices.

“I think now we’re looking more towards … $75 on average,” he said in the interview.

“We don’t think that the supply in the market is that huge and … OPEC … and Russia what they’re doing is reacting immediately to any surplus in the market and they’re lowering and they will continue to lower until they get their prices,” he added.

Last month, analysts at Fitch Solutions Macro Research forecasted that the price of Brent will average $75 per barrel in 2019. According to Wood Mackenzie’s latest price forecast, Brent will average $65 per barrel this year.

ADCL is the asset management company of Al Dhabi Investment. Yasin is part of the top management of ADCL. Prior to joining the company, Yasin worked at FAB Securities, CapM Investments, Shuaa Securities and Emirates Securities.