Brent to Average Between $60 to $70 in 2019, Benali Says

The video discusses the oil price outlook for 2019, maintaining a Brent price range of $60-$70 per barrel. It highlights OPEC's efforts to stabilize prices and the role of US shale in setting price ceilings. The response of Saudi Arabia and OPEC to market changes is analyzed, with a focus on medium to long-term investments. The impact of Iran waivers on market dynamics is explored, noting backwardation in Brent and WTI. Concerns about US shale production and GDP growth, particularly in the Middle East, are also addressed.

What is the significance of backwardation in the context of Brent and WTI oil prices?

Discuss the implications of US shale production on the oil market as mentioned in the text.