Oil price to remain low in 2016
Written by admin on December 7, 2015
The oil price is unlikely to recover next year, according to the boss of the French energy giant, Total.
barrel, down more than sixty percent since last summer, while US light crude is trading below forty dollars a barrel.
Oil prices have not been this low for more than ten years. And Total’s Patrick Pouyanne “does not anticipate a recovery in 2016”.
Last Friday, Goldman Sachs put out a note suggesting prices could fall a lot further.
Oversupply is the reason for the slump in prices over the past eighteen months, largely due to US shale oil flooding the market.
