Chief executives of world's largest oil traders Mercuria and Gunvor expect oil prices to remain below $60 per barrel until 2017.

Mercuria Chief Executive Marco Dunand said on Wednesday that there will a deficit in 2016 in the oil market as non-OPEC countries will cut its oil output. But despite this expectations, he noted that oil prices will rise at a slow pace.

Gunvor Chief Executive Torbjorn Tornqvist said that he did not expect oil prices to rise to higher levels at least until the middle of next year.