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What Will The Average Oil Price Be In 2020 – OilPrice.com

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West Texas Intermediate will trade at an average $58.50 per barrel next year, a poll among analysts conducted by Bloomberg has shown.

That’s lower than the current price of the U.S. benchmark but a little higher than the average for 2019, which is about $56.95 a barrel.

According to the same analysts, Brent crude will average $64.25 per barrel next year. For most of the year, excluding a couple of peaks above $70 a barrel and troughs of below $60, Brent has, like WTI, traded in a tight band.

The Bloomberg poll follows price forecast updates from Goldman Sachs and JP Morgan, which both expected benchmarks to rise, albeit modestly, in 2020 from 2019. In comparison, an analyst poll by the Wall Street Journal suggested prices will remain relatively stable at current levels at least during the first quarter of the new year despite OPEC’s deeper production cuts.

The overall sentiment on oil prices seems to be leaning towards the bearish. Even though OPEC and its partners led by Russia agreed earlier this month to cut an additional 500,000 bpd from their combined production, problems around the compliance of some cartel members have made traders and analysts equally wary of rejoicing.

This week, Russia added pressure to benchmarks. Energy Minister Alexander Novak said the OPEC+ partners may at some point reconsider the deeper cuts. Related: The Best And Worst Oil Predictions Of 2019

“We can consider any options, including gradual easing of quotas, including a continuation of the deal,” Novak told Russia’s RBC TV channel. To add insult to injury, Novak also said he expected Russian oil production to hit another record in 2020.

Outside OPEC, the United States will lead the rise in global oil supply in the company of Norway, Brazil, and Guyana. The latter, a newcomer on the international oil scene, earlier this month saw the start of production at Exxon’s Liza-1 well. The well was drilled in the Stabroek block where Exxon made a string of major finds in the last couple of years.

By Irina Slav for Oilprice.com

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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CPC Practice Exam

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