Economists of Barclays have reduced the forecast of average oil price in the second half of 2015.Now they expect that average Brent price will be $53.00 instead of earlier forecast $63.00 per barrel.
In the review The Blue Drum released on September 4, 2015 the analysts have explained their decision by growth of resources, active production in the US and concern about economic growth of China.
The economists also expect a moderate growth of prices in 2016. They believe that next year Brent average price will be $63.00 per barrel against the previous forecast of $68.00 per barrel. “Sudden stability of production of hard to extract oil, concern about China and strengthening of the US dollar make us suggest that more time will be needed to restore prices,” writes the team of analysts led by Michael Cohen.
Yesterday BNP Paribas also reduced the oil forecast. If in May the economists expected that in quarter 4, 2015 Brent oil will cost on average $69.00 per barrel, now the forecast is reduced to $55.00 per barrel. BNP Paribas reduced the forecast of Brent oil in quarter 4, 2016 by $18.00 to $65.00 per barrel and the forecast of average annual oil price was reduced by $14.00 to $62.00 per barrel.
On Friday Russian President Vladimir Putin said at the Eastern Economic Forum in Vladivostok that he sees nothing dramatic in unstable oil prices. Assistant of Russian President Andrei Belousov said that according to their estimates, in 2016 oil price will be $60.00 per barrel.
