The upside potential for benchmark Brent crude prices exceeds the near-term outlook of $67.50/bbl and could easily trade between $70 and $75 per barrel.

However, bullishness needs to be tempered looking into the second half of 2019, anticipating an impact from U.S. shale exports and OPEC potentially relaxing production curbs.

Saudi Arabia has been vocal in suggesting markets will be re-balanced before June, implying further supply cuts are not needed during second half of 2019

Long-dated oil prices will likely remain under pressure below $60/bbl Brent and $55/bbl WTI due to the (output cut) exit strategy