Oil producers have a better than 50/50 chance of agreeing to freeze output when they meet in Doha this weekend, and such a deal would support oil prices even with a global glut, according to a new CNBC Oil Survey.
A vast majority of respondents — 88 percent — also believe oil prices found a bottom earlier this year. Fifty-three percent expect West Texas Intermediate to end 2016 at $40 to $50 per barrel, while 30 percent see prices rising above $50. As for Brent crude, 48 percent forecast a year-end price of $40 to $50 a barrel, and 39 percent are more bullish and are looking for a price above $50.
If a freeze deal is not reached by the OPEC and non-OPEC oil producers in Doha, 55 percent of respondents expect oil prices to fall but not reach new lows. Thirty-six percent said the price will not fall much at all without a deal, as low expectations were largely priced in.