Oil prices surged to new three-week highs on Thursday after Russian Energy Minister Alexander Novak said that Saudi Arabia had proposed a production cut of up to 5.0 percent to help support oil prices.

However, despite the good news, Barclay’s analyst Thomas Driscoll maintains his bearish outlook for oil prices. In a new report, Driscoll drastically lowered the firm’s 2016 crude oil price projections in the face of the recent market weakness.

Barclays Crude Oil Price Projections

Barclays is now projecting $37/bbl for WTI in 2016 and $70/bbl for 2017. Barclays remains bearish on E&P stocks as well.

“E&P shares have not fallen quickly enough to get to fair value,” Driscoll explained.

The firm has…

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