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Brent crude prices could average US$58/bbl in 2016

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Hydrocarbon Engineering,

Thomson Reuters has released its August Oil Market Report. According to Thomson Reuters’ Oil Research & Forecasts team, crude prices could rise up to US$50/bbl in the very short term, however prices are expected to remain flat at these levels with no significant recovery expected until early 2016./p>

Report highlights

  • Brent Crude prices are forecast to average US$58/bbl in 2016, US$8/bbl lower compared to earlier projections, on the back of higher future supply, particularly from Iran.
  • Forecast for 2015 has also been revised lower with a short term target of US$50/bbl set to remain a key market level for the remainder of the year.
  • Macro economic concerns related to Chinese demand together with a bullish supply outlook supported by additional Iranian volumes in 2H16 are expected to loosen supply demand balances.
  • The WTI-Brent spread is expected to tighten more drastically than previously forecasted in 2016 with our projections indicating an average spread of US$2/bbl.

The monthly Oil Market Report reviews oil supply demand fundamentals, macroeconomic trends and geopolitical issues, as well as speculative activity. 

Adapted from press release by Rosalie Starling

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