Future oil prices are expected to remain at a low level, say oil traders who delivered their expectations for

December 2020. Currently, they expect that oil will trade at US$8 lower than they anticipated at the beginning of the year. Fadel Gheit, an analyst with Oppenheimer & Co. said, “The priorities have shifted completely. The priority now is to discontinue budget spending. The priority is to live within your means. Forget about growth. They are now in survival mode.”