The market could, however, see an uptick after the summer but, with oil demand actually “never higher” than now, a doubling in price would be needed to see any meaningful production growth, especially in the US, Torbjorn Haland of Norwegian firm Fearnley Securities said.
“We expect oil prices to remain weak in the first half of 2016, with sustained production and high inventory levels,” the analyst said at a Fearnleys conference in London.
