Oil To Stay Below $50 For H1 2016
As crude production continues to outstrip demand by an average of two million barrels per day (bpd) and the global oil stockpile hovers around the 2.9 billion barrel mark – analogous to the proven oil reserves of embattled Yemen - it is unlikely that the price of a barrel of the black stuff is going to surpass the $50 mark any time soon.
In fact, absent some catastrophic and catalysing event afflicting key energy corridors or Saudi Arabia’s Eastern Province, companies on either side of the operator/service provider divide would do well to budget for a $40-50 oil price continuum for the foreseeable future.
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