Long-term expectations about oil prices remain firmly anchored around $65-70 per barrel, according to the latest annual survey of energy professionals conducted by Reuters.
Plentiful supplies from US shale plays and other sources outside the Organization of the Petroleum Exporting Countries, OPEC, are expected to keep prices close to their recent range for the indefinite future.
Fears about peaking oil supplies, common ten years ago, have disappeared and now there are some indications that expectations about peaking oil demand are taking hold.
Brent is forecast to average $65 per barrel in each of the next five years based on the median, or $67 this year rising slightly to $69 by 2024 based on the mean.
Most forecasters expect average prices to remain between $60 and $75 per barrel in each of the next five years, with only a very small number expecting them to dip below $50 or rise above $90.