FXStreet (Mumbai) - Speaking to CNBC’s Squawk box, Tim Evans, an energy analyst with Citi bank noted that the oil price outlook for the first half of 2016 remains bleak as OPEC is expected to continue pumping more oil into markets in a bid to maintain its market-share. Key Quotes: "We do have a current physical supply-demand surplus. That fits with the price theme…that prices will be lower for longer." Oil prices are still at multi-year lows but OPEC production is at levels "well above a year ago." Evans cited an example, in November, OPEC's largest producer, Saudi Arabia, churned out 7% more crude oil than a year ago, offsetting a slip in US oil supply growth. "That extra OPEC oil is what's keeping us in a market surplus." Meanwhile, US WTI and Brent crude oil prices are down more than 1.50% at about $37 a barrel in the European trades on Wednesday. For more information, read our latest forex news.