"Brexit could have an impact on things like the rate of economic growth in the United Kingdom and elsewhere in Europe… The economic growth is the main driver of energy demand, and so it could impact a demand side. But from what we know so far, it’s not likely to have a huge impact on demand," Sieminski said.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
Sieminski also said that oil prices are expected to rise by the end of the year and be in the $50 range per barrel.
"The price for the end of 2016 is kind of on its way up, higher than where we are now… we are looking for prices today in the $50s towards the end of the year," Sieminski said.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.
"For 2017, we think Brent oil price will average about $52. Toward the end of 2017, they could approach $60," Sieminski added.
"Oil production in the US is currently falling because of the impact of lower prices, but that should begin to reverse as we get out into the early part of 2017," Sieminski noted.
