It could hit USD 100 and above. 2020 was a crazy year for the oil industry and many fields with questionable economics have cut back. I don’t know how long it will take to crank things up again but new field development has taken a serious hit as well. Oil is still a long-term business which means that covering future needs requires work today. And we are talking about developments that take many years. How many of those have been killed last year?
Oil prices have rallied over the last couple of weeks, but despite some bullish forecasts from investment banks, there are a number of reasons why oil prices aren’t likely to go much higher