Outlook for the International Oil, Gas and Coal Markets in 2016

摘要

1-1-1 Our outlook for international crude oil prices through 2016 indicates that prices will average $60/bbl for Brent, $58/bbl for Dubai and $55/bbl for West Texas Intermediate in the second half (July through December) of 2015 and $65/bbl for Brent, $63/bbl for Dubai and $60/bbl for WTI in the whole of 2016 (compared with $59/bbl for Brent, $57/bbl for Dubai and $53/bbl for WTI in the first half of 2015). 1-1-2 The global oil supply-demand balance will gradually tighten in the second half of 2015 as demand increases steadily while non-OPEC production slows down. Given oil price-lowering factors such as OPEC countries' oil output expansion, high-level inventories in industrial countries, the Greek debt crisis, and other financial and economic factors, however, we predict crude oil prices will remain weak in the period.