Financial Times: Oil price could drop below 50 dollars in 2015

Financial Times: Oil price could drop below 50 dollars in 2015
# 02 January 2015 08:21 (UTC +04:00)

There are two reasons for thinking that the oversupply in the global oil market that caused the Brent benchmark price to drop by almost 50 per cent between June and December this year will persist into the first half of 2015 at least.

First, supplies are likely to grow. The US shale oil industry, widely seen as the most immediately vulnerable sector in the downturn, will be able to increase production despite of the financial pressures it faces. Meanwhile Saudi Arabia and other members of Opec, the oil producing countries’ group, are unlikely to make anything other than a notional cut in their production.

Second, demand growth will remain as torpid as in the second half of 2014.

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