Oil To Stay Below $50 For H1 2016
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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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