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Experts Say Oil Will Remain Below $60 Through 2017

Oil Barrels

Top oil industry experts expect oil prices to trade below $60 a barrel for the next year.

That’s according to a Bloomberg survey at the Asia-Pacific Petroleum Conference this week in Singapore, where 14 of the 15 senior traders said they expect oil prices to trade between $40 and $60 a barrel for the next 12 months, USA Today reports.

“The issue is that once prices go up too fast, American drillers start to produce more,” SOCAR Trading SA CEO Arzu Azimov told Bloomberg. “The market will stay in the corridor of $40 to $50, max $55.”

Experts also say they are unimpressed by OPEC’s talks about a possible output freeze, with most questioning the group’s ability to ever come to an agreement. [USA]