The latest survey on oil markets, conducted by consultancy Deloitte Services, showed that a majority of the US oil executives expect crude oil prices to stay below $60 per barrel (bbl) through 2018.
Key Findings via Reuters:
‘The survey was based on a poll of 250 executives at companies that produce, transport and refine oil and natural gas
Nearly two-thirds of the US oil executives see crude oil prices remaining below $60 per barrel through 2018 and not hitting $70 until at least the next decade
Half of executives polled said they expect capital spending to drop next year, and nearly 60 percent said they expect a decline in the number of drilling rigs active across the United States
The mood among executives was less pessimistic for natural gas prices, with those polled saying they expect prices to rise above $3 per million British thermal units into next year. ‘
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