Genoa-based bunkering firm Fratelli Cosulich believes that global oil markets are poised for a rise, after a persistent slump halved prices from a year ago.
"Oil prices will see a correction upwards, not a major one, but I think the oil price will still be around the $60 mark, likely between $50 and $60 in the medium to long term," Timothy Cosulich, CEO of the 158-year-old Italian company, told CNBC's "Managing Asia."
To be sure, "big uncertainties" such as a historic nuclear agreement struck in July which could flood the market with Iranian crude, will continue to cast a shadow on energy markets.
"[Iranian sanctions] will be lifted [but] when exactly that will be implemented is a bit more uncertain. And what's more uncertain is how the decision will impact oil prices because suddenly there's a lot of quantity and fuel coming online," the sixth generation leader of Fratelli Cosulich said.
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When that happens, the Organization of Petroleum Exporting Countries (OPEC) may be forced to cut production in order to halt the prolonged slump in energy prices, Cosulich added.
Bogged down by a host of concerns including a supply glut, sluggish demand and a strong U.S. dollar, oil prices have been in free-fall since June 2014. Worries over a slower-growing China have exacerbated declines in recent weeks.
The rout has since thrown the marine fuel sector into turmoil; Cosulich admitted being caught off guard by last year's sudden meltdown in energy prices, but a combination of hedging and inventory management has helped the ship-owning group to minimize losses.