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Opinion

Trade war and strong dollar threaten Asia's oil security in 2020

Oil prices were benign in 2019 but have significant potential to swing

| China
A crude oil terminal in Ningbo Zhoushan port, China: Asian importers will need to continue accelerating the building of their strategic oil reserves.   © Reuters

Although crude oil prices were down by a tenth in 2019 than the year before, largely thanks to the U.S.-China trade war, Asian economies, with their fast growth in consumption and price-sensitive consumers, cannot afford to be complacent in 2020.

Major forecasters including Wall Street banks and the U.S. Energy Information Administration are divided on the outlook for prices next year, with the former calling for a slight climb and the latter seeing a dip from 2019. Here are some of the key factors likely to impact oil prices next year.

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