According to Bloomberg, Adam Sieminski, the head of the U.S. Energy Information Administration of the US Department of Energy, said that a reduction in oil prices to $50 a barrel is possible. Also he noted that most analysts forecast barrel to decrease to $62 by the mid-2015. Adam Sieminski added that with oil prices of $60 a barrel, shale oil production growth may stop. As a result, someone will have to shut down their production. In experts' opinion, crude oil prices are still tumbling because of the fear that the OPEC countries will refuse to lower the production output. As of November 19, at the NYMEX electronic trading, WTI crude oil futures for December delivery are down 0.54% to 74.21 a barrel.
