The further downside in crude oil futures is unlikely.

Crude oil prices are likely to remain below $50 a barrel for the next few years, even if the Organization of the Petroleum Exporting Countries meets its self-imposed production cap during ongoing talks in Vienna,” The Wall Street Journal reported. The price is currently trading around $41 a barrel. Moreover, Russia’s announcement on Thursday that it would keep pumping oil at current levels could be bullish for crude oil prices over the long term.

OPEC’s credence in its own production limit means maintaining current levels of output into 2017 will have little effect on price”, analysts from BofA Merrill Lynch wrote in a note released after OPEC announced no production reduction for January. Still, the market will probably face additional pressure in the short term after the biggest cuts ever by OPEC. “A significant stock draw going into 2017 would spell an early exit from the deal,” according to analysts from Goldman Sachs. Now, Brent Crude is trading at $44.56 a barrel – 0.73% lower than yesterday’s closing price.

The price of crude oil closed at $41.46 a barrel on Friday, January 14th—the lowest since 2003. With such a bearish outlook, it will be difficult for the market to reverse course and recover that quickly. “Oil producers are very slow to react to price changes,” according to Goldman Sachs analysts, who have kept their year-end price forecast of $50 a barrel. Moreover, Russia’s announcement on Thursday that it would keep pumping oil at current levels could be bullish for crude oil prices over the long term.”

Goldman Sachs

The price of crude oil closed at $41.46 a barrel on Friday, January 14th—the lowest since 2003. With such a bearish outlook, it will be difficult for the market to reverse course and recover that quickly. “Oil producers are very slow to react to price changes,” according to Goldman Sachs analysts, who have kept their year-end price forecast of $50 a barrel. Moreover, Russia’s announcement on Thursday that it would keep pumping oil at current levels could be bullish for crude oil prices over the long term.”

Persian National Oil Company (NIOC Persian: )

Is an Iranian company in charge of all upstream oil and gas operations in Iran. It was established in 1948 and its main headquarters is located in Tehran, Iran. Its current CEO is Ahmad Ghalebani. The company produced about four percent of global oil production. Since its establishment, it has been instrumental to the nationalization process of Iran’s oil industry by forcing foreign companies to withdraw from exploration and extraction of crude oil as well as the formation of new ventures with the government through buyouts.

Crude oil futures:

Prices are extremely important in the crude oil market because they help determine prices at the pump and oil company profits. Market analysts believe that there is a chance that crude oil prices could climb to over $65 a barrel by the year’s end. There has been better demand for crude oil recently, with drivers filling up less often and refiners barely increasing their production of motor fuel. Crude oil futures have risen nearly $5 a barrel off their December lows which have helped analysts predict an increase in prices this year.

Why the price of crude oil might be falling:

Crude oil is a commodity that is in high demand, which makes it profitable for large companies to produce and distribute. Still, the market will probably face additional pressure in the short term after the biggest cuts ever by OPEC. The recent downturn in crude oil prices has led many to believe that the price of futures will not rebound anytime soon. The price of crude fell to around $41 a barrel on Friday, January 14th—the lowest since 2003.