Tudor Pickering Holt: Oil prices could reach $70/bbl in 2017
Byron Pope, Managing Director, Oil Service Research at Tudor Pickering Holt, is forecasting that oil prices could get up to $70/bbl next year. He attributed this to growing global energy demand and shortened supply caused by canceled upstream projects around the world. Mr Pope also expects upstream CAPEX to grow in the coming year and for the US land rig count to continue increasing. However, it may take several more years for the offshore rig market to recover, he said. Watch the video with DC’s Alex Endress from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 4 November for more information.