The FirstEnergy Capital commodity analyst provided an update on his forecast for oil this year during a presentation in downtown Calgary on Tuesday morning.
He said he expects the price of crude to average $54.50 US a barrel in 2015 and $67.20 in 2016.
King painted a bleak picture for oil producers, citing massive oversupply of oil around the globe. Onshore and offshore storage capacity is filling up and demand is subdued, especially in Asia, he said.
At the same time, oil production keeps rising. OPEC is holding the line with output and production is expected to increase in the U.S.
"North America will blink first," said King.
Drilling activity in Canada and the U.S. is beginning to slow, which should cause oil production to start falling in 2016, he said.
Is $30 the bottom?
A gradual rebound in crude oil prices is expected by many industry watchers. But first, prices will have to bottom out.
That is expected to happen in the next few months.
"Of course, it could get lower. In fact, the options market in crude oil suggests that we could see prices as low as $30," said Adam Siemenski, administrator with the U.S. Energy Information Administration, speaking to CBC News in Calgary.
"Nobody really has a good handle on where all this is going. There are too many moving parts."