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Global Crude oil Prices have fallen back to Jan 2019 level, Sri Lanka waiting to stabilized the prices to cut domestic prices

EnergyFeb 17, 2020
Global Crude oil Prices have fallen back to Jan 2019 level, Sri Lanka waiting to stabilized the prices to cut domestic prices
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Sri Lanka adopted a fuel formula last year, expecting to re-price the domestic fuel prices according to change of the global prices as well as the other operational cost associated with the crude oil. OPEC slashed its oil demand forecast as a result of the slowdown in China's economy due to the Covid-19 yesterday. Goldman Sachs cut its oil price target by $10 to $53 in Q1 through the end of the year amid weakening Chinese oil demand due to the coronavirus outbreak. The industry expects a gradual recovery in oil prices from current levels with Brent prices of $53, $57, $60 and $65/bbl for the rest of 1Q through 4Q 2020.

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