Almost two-thirds of the U.S. oil executives expect crude oil prices to remain below $60 per barrel through 2018 and would not hit the $70 until at least the next decade.
This was according to a survey that was published early this week. The survey was based on a poll of 250 executives at companies that produce, refine and transport oil and natural gas. Oil prices was down on the previous session and was being traded at $50.79 per barrel.
Half of the executives that participated in the survey also expects that capital spending would drop next year, and nearly 60 percent of them answered that they expect a drop in the number of drilling rigs active across the United States.
Production of shale industry requires a constant investment to keep up with well declines rates. Those who answered that they expect to maintain or increase current production levels into 2018, though a drop in spending could prevent any sizable increase in U.S. output.
The expectations among executives less pessimistic for natural gas prices, with those polled saying they expect prices to rise above $3 per million British Thermal units into next year. Natural Gas was up by 1.5 percent in the previous session to $2.93 per million British Thermal Units