How OPEC's decisions and tensions in the Middle East could impact the oil price

• We expect the 2018 outlook for oil to remain somewhat stable ($55-60/bbl for WTI and $60-65/bbl for Brent through 2018) as strong demand should be balanced by higher supply from OPEC and Non-OPEC countries.

• Escalating tensions in the Middle East could cause oil price volatility, but supply shocks are unlikely.

• We believe that in the short term, investors still have limited opportunities from direct investments in oil or in a broad exposure to the oil sector; the most compelling opportunities can be found at single stock level.

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