Only the nittiest of nitwits will claim to be able to forecast the price of oil more than a few hours in advance. That said, this is supposedly OPEC’s thinking on the matter:
Those hoping for a return to $100 per barrel of oil are in for a long wait, as OPEC says oil will remain below the price point through the 2020s.
A report by the group forecasts oil will trade for around $76/barrel in 2025 under optimistic conditions, The Wall Street Journal reports, with $40/barrel under more dire straits. The forecasts take into account the group’s competitors in the United States coping through low prices amid increased production.
To combat this, the report recommends OPEC return to the production-quota system it ditched in 2011 amid conflict over how much each member state would be allowed to produce.
A system, you may remember, which was honored mostly in the breach, hence the ditching.
Myself, I prefer to stick with the mildly alarmist viewpoint: there’s only about 10 years’ worth of oil left on the planet, and there always will be.