Brent crude dipped below $40 a barrel Tuesday in a selloff that has raised a worrisome possibility: that oil prices could be even lower next year than they have been in 2015, The Wall Street Journal reports.

Analysts and investors who initially thought prices would recover in the second half of 2015 now say they don’t expect any pickup until late 2016.

Many producers continue to pump barrels at a fast clip, defying predictions that low prices would lead to a significant slowdown in output. Wall Street banks are revising down their price forecasts and, in some cases, calling for lower average oil prices in 2016 than in 2015.

Oil prices have plunged in the past year as producers, especially in the U.S. and Middle East, have pumped oil at near-record rates, adding to global inventories.

The Organisation of the Petroleum-Exporting Countries decided at its meeting last week to keep production robust despite low prices. A stronger dollar also has weighed on oil prices this year, making the dollar-denominated commodity more expensive for buyers using foreign currencies.