Oil price looks set to stay below USD 60 for a long time

The oil price will likely fluctuate between USD 50-60 the next two years. ShippingWatch has gathered projections from a series of leading analysts and stakeholders in the sector, which indicate a new price level some three years after the oil price downturn began.

Three years have passed since the oil price began to slide and sent the price plunging to less than USD 30 for a barrel of North Sea Brent in 2016.

But the price now looks to have found a new level, though this is significantly below the peak years during which the price hovered above USD 100 for a long time. Meanwhile, the industry is still preparing for a new normal in the sector – suppliers in particular are anxious to see what the price range will be for the next couple of years.

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