In one of those “hope they are right” forecasts, Deloitte says oversupply in the oil market will lead to a continued slump in 2016.
It expects the price per barrel to remain below US$50 into 2017 before starting a slow rise to US$80 by 2022.
Although demand for oil has increased this past year - attributed to the drop in prices making consumption more affordable - the trend is not expected to continue into this year, according to Deloitte’s fourth quarter oil and gas price forecast.
