Report: Oil To Hit $60 Max in 2017

There is clear consensus that oil prices will be in the $50-60 per barrel range this year, and within the $60-80 per barrel range in 2020, according to a new survey from Wood Mackenzie.

The survey, which analyzed the responses of 170 industry professionals, revealed that priorities for 2017 are focused on protecting dividends and strengthening balance sheets.

Higher risk investments, such as deepwater projects, are being screened at higher hurdle rates by the industry, according to the report, which suggested that lower risk investments, like asset M&A, are most likely to be pursued by the sector.

“The industry is very cautious right now and risk appetite is low,” Martin Kelly, Wood Mackenzie’s head of corporate analysis, said in a statement sent to Rigzone.

Wood Mackenzie’s oil price prediction is in line with a recent poll conducted by Rigzone, which placed the price of Brent Crude Oil at around $60 per barrel by the end of the year.

 

 

What do you think the value of Brent Crude Oil will be by the end of 2017?

 

— Rigzone (@Rigzone) 6 April 2017