The price of Brent crude is currently under $43 a barrel, down more
than 60% since last summer, while US light crude is trading below $40 a
barrel.
Oil prices have not been this low for more than 10 years.
And
Total's Patrick Pouyanne "doesn't anticipate a recovery in 2016". In
fact, he thinks supply will grow faster than demand next year.
He is not alone. Last Friday, Goldman Sachs put out a note suggesting prices could fall a lot further.
"While
[we are] forecasting oil prices over the next few months to be near $40
a barrel, or roughly where they are trading today, there could be
another 50% to fall," the investment bank said.
