Doha, March 10, 2015 (Gulf Intelligence)--Brent crude oil prices are expected to trade in the $60-70-a-barrel price range by the end of 2015 and international oil companies (IOCs) are likely to maintain their production targets despite crude prices having fallen around 50 percent from last summer's highs, an industry survey conducted at The Gulf Intelligence Doha Energy Forum has found.

According to the survey, conducted today among more than 160 Qatari and international leaders from government, academia and the energy industry, 42 percent of the respondents expressed the view that Brent crude was expected to trade in the $60s-a-barrel range at the end of the year, while 38 percent thought prices were more likely to be in the $70s at that point. Only 6 percent predicted Brent would trade above $80 a barrel by year end.

Brent crude prices slumped below $50 a barrel in January, having fallen off the cliff from highs above $110 in June before recovering to levels around $60 a barrel in February. Brent was trading below $58 a barrel today. Crude prices have declined on the back of new supplies hitting markets, in particular from shale oil production in the U.S., and slower global economic growth, including in Asia.

Today's survey also found that 33 percent of respondents expected IOCs to maintain production targets through greater operational efficiency, even with lower capital expenditure, despite oil prices trading in the current price range and the resulting volatility on the development of new energy capacity over the short to mid-term.

As many as 29 percent of those surveyed thought that prices and volatility would cause U.S. shale oil producers to stop new capacity additions and lead to a decline in existing shale oil capacity. Twenty-four percent of the respondents expressed the view that plans for new unconventionals capacity across the world would be downgraded as a result of global market conditions.

For the full list of survey results, please visit the Gulf Intelligence website at www.theglufintelligence.com.

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