With the oil market entering a new normal of lower prices, the price per barrel is projected to settle in the range of $53 to $60 by 2020, when supply and demand are expected to be in balance.

International Brent crude oil futures LCOc1 were trading at $42.51 at 0617 GMT, down 19 cents, or 0.4 percent, from their previous close, the lowest since April. U.S. West Texas Intermediate (WTI) crude CLc1 fell 26 cents, or 0.6 percent, to $40.88 a barrel, slipping below $41 for the first time since April.

Brent crude oil prices averaged at the lowest level since 2004, significantly reducing profits and cash flow for energy companies.

Directors welcomed the ambitious reform goals announced by the authorities in Vision 2030 and the National Transformation Program, and underscored the importance of clear prioritization and sequencing of the planned reforms to reduce implementation risks and give the economy time to adjust. They supported the authorities’ plan to increase the role of the private sector in the economy by focusing on privatization and public-private partnerships, improve the business environment, develop local capital markets, encourage FDI, and support small and medium enterprises. Directors noted that continued labor market and education reforms are needed to encourage private sector employment of Saudi nationals and increase labor force participation of women.

The World Bank is raising its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter.

International Brent crude oil futures LCOc1 were trading at $44.93 per barrel at 0501 GMT, up 21 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $43.23, up 10 cents per barrel.

The NYMEX crude oil contract for September declined $1/bbl to settle at $44.75/bbl on July 21. The October contract dropped $1/bbl to close at $45.45/bbl. The natural gas contract for August gained 3¢ to $2.69/MMbtu. The Henry Hub gas price declined 2¢ to $2.70/MMbtu on July 21.

The NYMEX crude oil contract for August gained 29¢ to settle at $44.94/bbl on July 20. The September contract gained 30¢ to close at $45.75/bbl. The natural gas contract for August dropped 7¢ to $2.66/MMbtu. The Henry Hub gas price declined 9¢ to $2.72/MMbtu on July 20

The NYMEX crude oil contract for August fell 59¢ to settle at $44.65/bbl on July 19. The September contract dropped 49¢ to close at $44.45/bbl. The gas futures contract for August edged up less than a penny to remain at $2.72/MMbtu. The Henry Hub gas price held steady at $2.81/MMbtu on July 19, unchanged from the previous day.

The NYMEX crude oil contract for August fell 71¢ to settle at $45.24/bbl on July 18. The September contract also dropped 71¢ to close at $45.94/bbl. The gas futures contract for August fell a rounded 3¢ to $2.72/MMbtu. Cash gas prices went the other direction. The Henry Hub gas price was $2.81/MMbtu, up 14¢ on July 18.

The crude oil contract for August gained 27¢ to settle at $45.95/bbl on the New York Mercantile Exchange on July 15. The September contract gained 23¢ to close at $46.65/bbl. The natural gas contract for August was up a rounded 3¢ to a rounded $2.76/MMbtu. The Henry Hub gas price was $2.67/MMbtu, down 10¢ on July 15.

First-quarter 2016 financial results from U.S. onshore producers reveal an improving balance between capital expenditure and operating cash flow. Although operating cash flow was the lowest in any quarter in the past five years, larger reductions to capital expenditure brought these companies closest to self-finance (when capital investment can be paid for entirely from operating cash flow). With crude oil prices such as the global benchmark Brent price averaging over $45 per barrel in the second quarter—a 34% increase from first-quarter 2016—cash flow may improve and help offset declining revenue from lower production.

The crude oil contract for August on the New York Mercantile Exchange gained 93¢ on July 14 to settle at $45.68/bbl. The September contract climbed 98¢ to $46.42/bbl. The natural gas contract for August was down 1¢ to a rounded $2.73/MMbtu. The Henry Hub gas price was $2.77/MMbtu, down 4¢ on July 14.

The crude oil contract for August on the New York Mercantile Exchange plunged $2.05 on July 13 to settle at $44.75/bbl. The September contract dipped $2.13 to $45.44/bbl. The natural gas contract for August was up a fraction of a cent to $2.74/MMbtu. The Henry Hub gas price was $2.81/MMbtu, up 6¢ on July 13.

Global consumption of petroleum and other liquid fuels is estimated to have grown by 1.4 million b/d in 2015. EIA expects global consumption of petroleum and other liquid fuels to increase by 1.4 million b/d in 2016 and by 1.5 million b/d in 2017, mostly driven by growth in countries outside of the Organization for Economic Cooperation and Development (OECD). Non-OECD consumption growth was an estimated 1.0 million b/d in 2015, and it is expected to be 1.3 million b/d in 2016 and 1.5 million b/d in 2017.