US doesn’t believe in new oil cartel, and here is why

The US Department of Energy has made the most pessimistic world oil price forecasts for the next two years this week, although I would call them pragmatic.

While the leading world oil producers are trying to agree on freezing of production to stabilize oil prices, and taking into account oil has recently reached almost $40 per barrel, the US Department of Energy’s Energy Information Administration (EIA) has published a report forecasting the Brent oil average price will hit $34 per barrel in 2016 and $40 only in 2017.

http://houstonenergyinsider.com/?p=4989