Oil executives see crude prices falling by years endadmin
Despite oil’s recent string of record highs, a new survey suggests many oil and gas industry executives expect crude prices to fall significantly by the end of the year.
In a KPMG LLP survey of 372 petroleum industry executives, 55 percent said they believe oil prices will drop below $100 a barrel by the end of the year. Twenty-one percent of respondents predicted a barrel of oil will end the year between $101 and $110, while 15 percent forecast the year-end price to be between $111 and $120 a barrel.
Only 9 percent said they expect prices to stay above $120 a barrel through the end of the year.
Of the executives surveyed, 44 percent said their companies plans to boost capital spending on exploration and production by 10 percent during the next year.
The survey, which was conducted last month and released Friday, included executives for major oil companies, independent exploration and production outfits and other energy companies.