Deloitte forecasts oil price growth in 2017

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Deloitte forecasts oil price growth in 2017 by Jonathan Muma Posted Jan 4, 2017 8:13 am MDT The latest oil and gas forecast from Deloitte is out and it calls for oil prices to grow slightly in 2017, with a barrel of WTI crude going for around US$55.But Andrew Botterill, Partner with Deloitte’s Resource Evaluation Group, cautions there is always the risk of downward pressures.“If we see OPEC producers not cut as much as promised or as hoped, or as well if we see lower demand we could see things start to soften, but at the same time those cuts could be positive and really start to move things more positively,” he said.Botterill also expects to see more drilling in the United States and Canada.“Ultimately, Canadian producers are going to have to compete with their volumes, against their U.S. counterparts, so it’s going to be about finding those plays that are most economical for us, that we’re able to bring to market efficiently and effectively and compete with those U.S. volumes,” he explained.There is renewed optimism with the approval of two major pipeline projects and companies will be doing long term planning with those projects in mind.However, until shovels go in the ground, producers will remain cautious. (Pixabay)