The crude oil WTI price could reach US$ 58 and the Brent price US$ 68 during the second half of this year, due to the increase in consumption and refining in the United States, predicted Ann-Louise Hittle, Director of the prestigious international consulting firm Wood Mackenzie, in the framework of the Conference ARPEL 2015, which is being held since yesterday in Punta del Este, Uruguay.

The expert stated that one of the most important aspects for the increase in consumption has been the decrease in the prices of gasoline in the United States, which has even caused a growth in the sales of off-road vehicles. The balance between supply and demand is being affected, on one hand, by the increase in the consumption of gasoline in the United States due to the decrease in prices, and, on the other hand, by the slow growth of the supply, warned Hittle.

At the same time, the demand for gasoline in China will continue to grow next year, despite the fact that the expected GDP growth of the Asian country is moderate. "The demand for oil may increase if compared with 2014 and this trend could continue in 2016," said the Director of Wood Mackenzie.

Regarding the supply, the consultant estimates that at least 150 medium-sized United States companies have cut expenditures this year, 24 % more when compared with 2014, representing approximately 124 billion dollars. "The important point is that the United States has independent producers that, despite having made significant cuts in expenditures, react very quickly to changes in prices," she said.

Finally, Ann-Louisse Hittle mentioned that the growth in the production of tight oil in the United States, one of the factors that influenced the recent drop in crude oil prices, will be much slower, which will affect the growth of the supply.

Conference ARPEL 2015 is taking place within the framework of the 50th anniversary of the Regional Association. The event gathers the most important energy representatives of the continent on a biannual basis to address the topical issues that set the course for the industry of the sector in the continent.