Crescent Petroleum’s CEO, Majid Jafar recently spoke at the World Economic Forum where he shared his thoughts on oil prices in the upcoming year. As reported by CNBC, Jafar stated that “…over the next few years, because of the huge under investment we have had over the last few years, the concern is as global growth continues …
Large investment banks are upping their price targets for oil as crude futures hit levels not seen since the early days of a slump in December 2014. According to reporting by CNBC, “The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …