Predictions for 2016

Gary Ross, founder and chairman of PIRA Energy Group, who first predicted the 2014 oil decline, now predicts that Brent crude will reach $70 per barrel by the end of 2016. He predicts that OPEC will hold production steady at their meeting in December. The gap between supply and demand is closing. Ross said, “Global consumption of crude will continue to grow while output from non-OPEC countries will decline next year, helping to bring the market toward equilibrium.” “PIRA forecasts demand for crude to grow 1.7 million barrels a day in 2016, compared with 1.9 million a day this year.”