Barclays bank boss predicts $60-barrel oil price for North Sea in 2016

Oil barrel symbolThe future of the North Sea was considered by a group gathered by Barclays Corporate Banking in Aberdeen recently, which discussed current financial and oil industry market trends from leading oil and gas operator and service companies.

Hosted by Walter Cumming, Head of Oil and Gas at Barclays and Niall Handy from Barclays UK Corporate FX Team, the group of industry professionals discussed the previous oil price crash of the 1980s and how this compared to the current fall, with the challenges of supply and demand recurring as a major theme.

The discussion also focused on the current strength of the US dollar and the impact it may have on the overall outlook for the industry.

Despite a recent oil price around the $45 per barrel range, Barclays predicts a rise to $50 by the end of 2015 and to $60 in 2016 – spurred on by a sustained doubling of growth in global demand up to four million barrels per day.

For full story:

Is the oil price tide about to turn for the North Sea?

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