The price of Brent posted an exceptional decline of around 60% over two years. It was approximately $44/bbl in 2016, compared with $52/bbl in 2015 and nearly $100/bbl in 2014. With the possible reduction of excess supply in 2017, a price of $50 to 60/bbl can be envisaged, which would boost investments in exploration. However, the actual price level will depend on the conditions for application of the OPEC/non-OPEC agreement and the response by U.S. production. The highly unstable financial and geopolitical environment may also result in chaotic price movements.