If you were happy to have 2019 almost in the rearview mirror, don’t let your “lead foot” begin to press on the pedal in antic­ipation of a smooth ride in 2020. It’s time to downshift, moderate your speed and try to avoid the many potholes you may encounter on the way. The good news is that the danger signs are already well-posted. And perhaps not all the predicted perils will prove to be true.

Simply put, E&Ps are being advised to plan for the worst and hope for the best, according to some analysts.

The number of variables on the horizon seems to be mounting by the minute. Of course, the supply/demand balance is of fore­most concern, and here the start-up of several key offshore projects—notably in Norway and Brazil—has compounded projected growth in Lower 48 production and added newfound momentum to supply. This has many analysts projecting risk to crude prices in 2020.

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