HOUSTON, April 28, 2020 /PRNewswire/ -- The Oil Prices Outlook for April 2020, published by BBVA Research, indicates that oil prices will remain very low in the second quarter of 2020 but are likely to recover by the second half of the year as the worst of the pandemic is left behind.
The report, authored by BBVA principal economist Marcial Nava, states that prices will remain subdued even though the global economy will be boosted by fiscal and monetary support. Though demand is also likely to recover in 2H20, it will remain weak as the global economy takes time to return to pre-COVID19 levels.
The implementation of OPEC+ cuts is subject to a high degree of uncertainty, as only a few countries can comply with their quotas in a short period of time. Instead, most countries will let their production decline organically, which could take several months.
Led by Nathaniel Karp, BBVA Compass' research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The Economic Research team also follows a variety of issues that affect the Sunbelt states where BBVA Compass operates. Follow their work on Twitter @BBVAResearch and @BBVACompassNews.
Read the full report here.
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BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
SOURCE BBVA USA