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Canadian oil analyst offers pessimist outlook of crude oil for 2015

Xinhua, January 21, 2015 Adjust font size:

A well-known Canadian oil expert Martin King said on Tuesday that he expected crude prices to fall further before a gradual increase later this year.

King, a commodity analyst working at the Calgary-based FirstEnergy Capital, said he expected the price of crude to average 54.50 U.S. dollars a barrel in 2015 and 67.20 U.S. dollars in 2016. FirstEnergy Capital is an energy focused investment bank and provides financial and investment services in energy sector to its clients worldwide.

He made the prediction of world oil market at a presentation in Calgary of west Canada's Alberta province with the title "Outlook for crude oil and national gas markets".

King said an oil supply glut around the globe was the main reason that the oil price would stay low. However, he noted, the slowdown in drilling activity in Canada and the United States should cause oil production to start falling in 2016.

The price projections for the next few years for Alberta's energy sector were bleak, King also pointed out, saying the oil price would not recover as quickly as the industry watchers had hoped. Endite