Oil after Opec expected to remain in $55-$60 range: QNB

"Changes in US shale breakeven prices are likely to determine oil prices in 2017. US shale breakeven prices have fallen from $80-90 a few years ago to around $55-60 currently.
The costs of production were brought down by targeting low cost fields, productivity gains as technological advances allowed more oil to be extracted from each well as well as by falling costs for labour and other oil services thanks to excess capacity in the industry.
“It is not clear whether the drivers of lower costs will continue in 2017,” QNB said."

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