In an interview on CNBC's "Power Lunch," Mike Kelly, managing director and head of E&P Research at Seaport, came out to explain the firm's new expectation and why they downgraded 31 E&P companies.
The market largely shrugged off comments overnight from Iran's oil minister that members of the Organization of Petroleum Exporting Countries (OPEC) are considering deeper cuts in production.
Brent was down 6 cents at $45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November.
Brent futures were up 13 cents at $47.04 at 0034 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel.
Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced late last year.
Brent crude futures rose 45 cents to settle at $47.37 per barrel and U.S. West Texas Intermediate (WTI) crude settled at $44.74 per barrel, up 28 cents. Both benchmarks notched a weekly loss exceeding 1.6 percent.
Brent crude futures were down 6 cents, or 0.1 percent, at $46.86 per barrel at 0045 GMT.
Brent crude futures were down 7 cents or 0.2 percent at $46.93 per barrel at 0053 GMT, after slumping nearly 4 percent in the previous session.
The Paris-based IEA said production outside the Organization of the Petroleum Exporting Countries would grow twice as quickly in 2018 as it will do this year, when OPEC and 11 partner nations have restrained output.
"The problem is that there is too much oil on the market. There is too much oil from the U.S., too much oil from Libya, too much oil from Nigeria," said Fereidun Fesharaki, founder and chairman of consulting group FGE, which focuses on oil and gas markets east of the Suez and in Europe and the U.S.
Brent crude futures were at $48.25 per barrel at 0039 GMT, down 47 cents, or 1 percent, from their last close.
Brent crude futures were trading at $48.41 per barrel at 0246 GMT, up 26 cents, or 0.5 percent, from their last close.
U.S. crude futures were up 24 cents, or 0.5 percent, at $45.96 a barrel at 0300 GMT. On Wednesday, they closed down 5.1 percent, or $2.47 a barrel, to the lowest settlement since May 4.
Brent crude futures were trading at $50.05 per barrel at 0242 GMT, down 7 cents from their last close. Brent is almost 8 percent below its open on May 25, when OPEC said they, along with producers outside of the group such as Russia, would extend their oil output cuts through to the first quarter of 2018.
Brent crude was trading at $49.10 per barrel at 0244 GMT, down 37 cents, or 0.8 percent from their last close. That is down almost 9 percent from the open on futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018.
Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain cut ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.
Global benchmark Brent crude futures were down 23 cents, or 0.45 percent, at $50.4 a barrel by 0316 GMT.
Brent crude futures , the international benchmark for oil prices, were at $51.72 per barrel at 0155 GMT, down 12 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel in early trading on Tuesday, but dipped back to $49.77 by 0336 GMT, down 3 cents.
U.S. demand for transport fuels such as gasoline used in cars and diesel in buses tends to rise significantly as families visit friends and relatives or go on vacation during the summer months, with the so-called summer driving season officially kicking off on the Memorial Day holiday at the start of this week.
Asian stocks dropped, turning away from Wall Street's strong performance overnight.
The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January. Non-OPEC producers meet OPEC later on Thursday.
The Organization of the Petroleum Exporting Countries is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.
Brent crude futures were trading at $54.39 per barrel at 0651 GMT, up 43 cents, or 0.8 percent, from their last close.