OAN press room
UPDATED 7:30 AM PT – Sunday March 14, 2021
Crude prices are expected to hit levels not seen since 2014. According to recent reports, a barrel of crude is now hovering around $ 65 and analysts say they could see that figure rise to $ 100 in the next six to 12 months. months.
Meanwhile, gas prices in the United States have risen more than 20 percent between January and March. Analysts said OPEC is not likely to increase oil production until they hit a five-year oil supply average, which could happen sometime in the summer.
“We don’t see any increase in supply until October, which means the price of oil can run quite well from here,” Nancy Tengler of Laffer Tengler Investment “Our expectations are around $ 80 a barrel in the summer, so that’s bullish for most oil stocks.”
OPEC members agreed to cut production after crude prices fell sharply during 2020. This was largely due to a lack of demand during the economic downturn.