The world’s largest oil trader sees the price of the Brent barrel falling almost $14 to $45 in 2018, from its current price of $58.01, according to Ian Taylor, CEO of Vitol Group. Taylor is predicting a surge in oil production from US drillers—an event that would likely drag oil prices downward in 2018 to $45 per barrel. Despite the general optimism in the industry regarding oil prices, Taylor sees this optimism as false hope. “I think there’s a chance oil could fall closer to $40 than $50, because I think there’s still one more big surge coming from U.S., which will knock prices down.” Vitol’s CEO just last week offered up his opinion that US oil production will continue to increase in 2018—its final production spike before prices dip too far and production slumps once again. US oil production has steadily increased throughout 2017. Production in the first […]