Analysts: The oil price could now slide to USD 30

The Chinese currency devaluations could send the oil price down to USD 30 per barrel. A disastrous development for Norway's economy, says oil analyst.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

It is not unthinkable that the oil price could drop all the way down to just USD 30 per barrel in 2016, note several oil analysts citing currency devaluations in China as well as the country's economic growth.

"An oil price of USD 30 is possible in 2016. There is a significant risk of a lower oil price than our estimated USD 65 per barrel next," Torbjørn Knus of DNB Markets tells Norwegian newspaper Dagens Næringsliv:

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