$100 per Barrel Oil Will Return

Gary Ross, founder of consultants PIRA Energy Group, the oil guru who predicted the 2014 fall in oil prices, now predicts that oil will rise to over $100 per barrel within five years. In an interview in London he said, “Current prices are unsustainable. It’s hard not to see oil hitting $100 a barrel at some point in the next five years.” He noted that spare capacity is tight, and Saudi Arabia is currently pumping all it can without a major new drilling effort. He disagrees with other IEA analysis on concept of oversupply in the oil market.