| It would be very difficult for oil prices to stabilize in 2016, Jamie Webster, senior director of IHS Energy Downstream Research told Trend. “Oil is still very oversupplied, indicating it would be difficult to maintain stable pricing,” he said. “I disagree that prices are stable,” he said. “They were fairly flat from about May to early July but since then have broken sharply downward, with Brent down nearly $15 per barrel.”
Webster said OPEC is not able to control prices at all, and its current stance of not curtailing production will further ensure it has no effect on price setting. The greatest chance is if there is a substantial price drop from the US in the next few months, he added...............................................Full Article: Source
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