Oil prices may rise to $100 or even $150 a barrel over the next five year, as the current oil crisis severely depress investment in production, several analysts told the Wall Street Journal.
Analysts are divided into two camps, as noted by oilprice.com – the ones predicting higher prices due to coronavirus-induced underinvestment and others making bullish forecasts on expectations that demand would never return to pre-coronavirus crisis levels.
Key quotes (source: Oilprice.com, WSJ)
"We could hit $150 pretty easily by 2025," said Trevor Woods, a chief investment officer of Ohio-based hedge fund Northern Trace Capital.
“Could we see oil move to $100 over the next two years?” “Absolutely,” JP Morgan’s Malek told the Journal.
Citigroup, however, things the idea of oil being quoted in triple digits is more fantasy than reality. Over the long term, $45 per barrel of Brent looks more likely scenario than $60 a barrel, analysts at Citigroup noted earlier this month.
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