Outlook for the International Oil, Gas and Coal Markets in 2014

摘要

In 2013, the average Brent futures price (the daily settlement price for the front-month contract), a benchmark for the international oil market, stood at $108.7 per barrel. The annual average West Texas Intermediate futures price came to $98.1/barrel. Crude oil prices in 2013 were slightly lower than in the previous year. But the Brent price remained above $100/barrel for the last three years on end. The high crude oil prices have resulted from a complex combination of oil supply/demand, geopolitical risk and financial factors. Future developments regarding these factors will attract global attention.