Deloitte MarketPoint’s Reference Case price forecast for the next five years (Figure 11) more resembles the “checkmark” recovery. We expect a step up in prices from the mid $40s in 2016 to around $58/bbl in 2018 in response to the future supply-demand balance. Given the efficiencies gained, technological advances, and service cost reductions achieved, US tight oil production should return to some level of pre-crisis growth at these higher price levels. This shores up the production shortfall in 2018, but the larger shortfall expected in 2019 (see Figure 9, page 12) will need to be resolved by additional investment and production from Iran, Iraq, Brazil, and possibly Russia, and potentially even more growth in US tight oil. Beyond 2019, we expect steady price growth to support ever-increasing production requirements from more expensive sources such as offshore, oil sands, and costlier tight oil projects. This could be further impacted by rising service industry cost due to increased utilization.