Energy Summit Takeaways: Bullish On Oil Supply, Less On Demand

The greatest challenge for the industry, according to Raymond James analysts, is how to lure investors back to the sector.

Energy Summit Takeaways: Bullish On Oil Supply, Less On Demand

Oil demand appeared to be more of a conundrum for attendees of a recent energy summit hosted by Raymond James in late August. (Source: Shutterstock.com)

At a recent energy summit held in Aspen, Colo., in late August, Raymond James stood by its incrementally bullish outlook for global oil supply and said that more industry players are “coming around to our view.”

Supporting the outlook is “a greater consensus from those in attendance that Saudi is incentivized to push Brent prices higher,” to around $75 a barrel, said Marshall Adkins, head of Raymond James’ energy research team, in a note recapping the highlights from the firm’s summit.

Demand appeared to be more of a conundrum for conference attendees. Raymond James characterized its outlook on demand as “already below consensus, but arguments suggest we may still be too high.” There was no consensus on whether demand issues were “transitory or structural” or on why demand is weakening outside of the U.S./China trade war.

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Susan Klann

Susan Klann has more than 30 years of publishing experience, with more than half of those spent in oil and gas publishing with Hart Energy, most recently as group managing editor of Oil and Gas Investor.