22.07.2015 - $100 oil price may come back, but not until 2020
An oil forecaster who predicted last year's calamitous drop in oil says the price of a barrel of crude will get back to the $100 US level — but not for another five years. In an interview with Bloomberg, PIRA Energy Group founder Gary Ross said that while he sees a long-term rebound in oil prices, right now there's simply too much oil in world markets for prices to return to where they were any time soon. According to official data from the U.S. Energy Information Administration, the world pumps out about 95.46 million barrels of oil every day. But demand is only 93.63 million barrels a day — about two million barrels less...............................................Full Article: Source
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