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Stable Oil Prices Forecasted For The Next Few Years

Pound sign against sun and oil pumps

Taking place in Istanbul earlier this month, attendees at the World Petroleum Congress agreed they were looking at the end of the decade for better times to return to the oil industry. Over the next five years, BP will continue to budget for oil being around $50 a barrel.  The US Energy Information Administration has forecast that Brent crude spot prices will average $51 a barrel this year and $52 in 2018; with West Texas Intermediate being $2 lower in both years.

Heating oil prices have taken a dramatic drop in price from 2012 levels, when prices were around 64 pence per litre to around 29 pence per litre in the first quarter of 2016. Prices have since averaged around 35 to 40 pence per litre this year, which is still a significant saving compared to gas and electricity, especially since the recent price rise announcements from British Gas, with other suppliers expected to follow suit.

The overtures from the World Petroleum Congress, forecasting stability in the price per barrel of oil for the next few years, is comforting news to our customers as it impacts on heating oil prices.

If you want to enquire about our heating oil prices then please use our quote form at the top of the page to receive a quote. You can also navigate to our home heating oil delivery page for more information or contact your local depot for any advice on purchase your heating oil.