S&P expects crude to reach $80 a barrel in 2015

The price of crude oil is expected to reach $80 a barrel next year, and possibly $85 in 2016, said Trevor Cullinan, director of sovereign ratings at Standard & Poor’s.

S&P’s projection comes after the ratings agency downgraded its outlook for Saudi Arabia—the world’s largest exporter of crude— to AA-, a stable outlook from positive as the prices of oil continue to tumble at a sharp and sustained pace. 

The agency also downgraded the Sultanate of Oman's rating to A/A-1, a negative outlook from stable.

Saudi was able to keep a stable rating because of the government’s strong fiscal policy and the strength of its economy as a whole, Cullinan said in an interview with CNBC Arabia on Monday. The Saudi government is committed to establishing major infrastructure projects and maintaining investments, he added.

Oman, however, doesn’t have the same economic capacities as its Gulf neighbor, Cullinan said.

Overall, the GCC could see more negative ratings as the prices of oil continue to weaken.

Furthermore, Cullinan pointed out that the price of shale oil is expected to stabilize at $70. However, if it falls below, shale oil production in the United States could be forced into a halt until prices rise again.