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Speaking on the CNBC Asia Street Signs programme on 19th June, FGE chairman Fereidun Fesharaki said a Brexit decision by the UK would not impact oil demand-supply and therefore would not affect prices in the long term. He suggested that it could possibly impact negatively on the emotional state of the market, which would knock on to bring oil prices down slightly.

FGE is an international energy consultancy group providing specialist coverage on the oil and gas markets using bespoke forecasting tools to provide strategic advice to a wide range of clients in the Far & Middle East, Africa, Europe, and North & Latin America.

Whilst international brokerages are drafting in extra staff to cover the potential volatility in the market following the UK's EU Referendum vote - which is due on Thursday 23rd June - Fesharaki was firm in pointing out that any volatility will be as a direct result of psychological issues and he fully expects that volatility to be short term and negligible - possibly in the order of $1 a barrel for a few days.

In order for the market price of oil to move drastically, Fesharaki suggested a real impacting factor would have to be introduced - for example if Canada, Nigeria or Libya all came back online with substantial production.

Currently, he expects oil to be between $55-$60 at year end as off-line sources gradually resume production, but if Libya returned to the market, which seems unlikely, he would be required to re-evaluate his forecast as the country is capable of producing a million barrels per day.