While these efforts have met with some success, the likelihood of a few OPEC members raising production levels beyond what they have agreed to cannot be ruled out.
Oil prices in 2018
David Martin, executive director at JPMorgan Chase, a leading US multinational banking and financial services company, expects oil prices to continue their downward trend. He estimates that West Texas Crude will be at an average of $42 in 2018.
The reason for falling prices? According to JPMorgan Chase, US production will keep rising and the arrangement by OPEC and non-OPEC producers to cut output will fall apart by the end of 2017.
