OPEC more bullish on oil prices, says report


Sept 21, 2015 (LBO) – OPEC is more bullish on oil prices and expects 80 dollars a barrel by 2020 with a fall in production elsewhere, according to a media report.

Some analysts have predicted 20 dollars a barrel in the short term, but OPEC expects a fall in U.S. production tied to low prices, according to a Bloomberg report.

“The market’s not as oversupplied as we think it is,” David Pursell, a managing director at investment bank Tudor Pickering Holt & Co. in Houston, said

Goldman Sachs, however, sees the market as oversupplied with a long-run forecast of 50 dollars a barrel.

Brent crude was at 47.58 dollars a barrel on Monday, up 0.23 percent.