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Oil: large banks lower 2015 forecasts

OPEC’s decision to leave oil output quotas unchanged pushed many large banks to lower oil price forecasts for the years 2015-2016.  

For example, Morgan Stanley now forecasts an average Brent oil price of $70 per barrel in the year 2015 (prior forecast - $98). The 2016 forecast was lowered from $102 to $88. In the very worst case the price could fall to $43 per barrel in Q2 2015.

Societe Generale has also lowered average Brent price forecast for both 2015 and 2016 by $20 to $70 per barrel. Citi expects Brent to cost $80 next year. 

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