| From Tehran Times: What’s going to happen in the long term? Here are five reasons Oil will go much higher, and maybe sooner than we think. First, global demand is accelerating. The U.S. Energy Information Administration (EIA) said demand will reach more than 115 million barrels per day by 2030.
T. Boone Pickens has recently brought to light the term supply and demand problem. Pickens said, “85 million barrels of oil is all the world can produce and the EIA fourth quarter predicts 87 million barrels in demand”. Pickens went on to say supply will not meet demand so the price must go up. Second, production has probably peaked at nearly 90 million barrels a day..... Full Article: Source
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