Forecast Pushes Global Oil Price To $100 Per Barrel By 2016

 

In spite of expectations of further price fall, the price of oil will hit as high as $100 per barrel (bbl) in the second half of 2016, as demand strengthens.

 

A fund manager at Investec Asset Management in London, Charles Whall, was quoted as saying the demand will surpass supply by about 1 million barrels a day by the end of this year and a shortfall will persist into 2016, adding that oil probably will reach a range of $90 to $100 in the second half of next year.

 

“The general picture could be quite wrong. This looks like a much tighter market next year than people are anticipating," he stated.