Yergin: Oil prices will rise again

Yergin: Oil prices will rise again

Editorial Staff
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The analyst says: "we are at the beginning of a recovery and looking forward, I think the global demand for crude oil over the next 5 years will grow to between 5 and 6 million barrels"

In these days crude oil prices have recorded peak values over the last 10 months, and, according to the dean of oil analysts, this rise has only just started and will likely continue. Daniel Yergin is one of the most respected figures in the oil world, and as a panelist at an event in Calgary organized by the Canadian think tank Canada2020 on June 6, he declared an end to the 2 year period of low oil prices: "We are at the beginning of a recovery and looking forward, I think the global demand for crude oil over the next 5 years will grow to between 5 and 6 million barrels.‘ Yergin also sustained that "prices rule and this has limited production and at the same time increased demand." The supply will continue to come from the main Middle Eastern producers along with the US and Canada. Yergin’s statements are included in a study, published by the IHS, on the board of which Yergin serves as Vice President, dedicated to the ever-growing integration between US and Canadian producers, who, in his own words have contributed to "the return with great style of North American production." The numbers tell the story: an average of 13 m b/d produced in 2015, compared to just 5 mb/d in 2009.