OIL PRICES 2015 - 16
North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016.
The price decline reflects concerns about lower economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing growth in global inventories. WTI prices are expected to average $5/b below Brent in both 2015 and 2016.
The oil market faces a host of uncertainties heading into 2016 including the pace and volume at which Iranian oil reenters the market, the strength of oil consumption growth, and the responsiveness of non-OPEC production to low oil prices. In the more immediate future, there…
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