Crude Oil Price Will Reach up to $100, But Not Until 2020, Says PIRA Energy's Gary Ross

CBC News reported that PIRA Energy Group founder Gary Ross has predicted that the price of crude oil will get back to US$100 per barrel, but not for another five years.
As quoted in the market news:

In an interview with Bloomberg, PIRA Energy Group founder Gary Ross said that while he sees a long-term rebound in oil prices, right now there’s simply too much oil in world markets for prices to return to where they were any time soon.
According to official data from the U.S. Energy Information Administration, the world pumps out about 95.46 million barrels of oil every day. But demand is only 93.63 million barrels a day — about two million barrels less.
That means that every day, oil companies supply the market with almost two million barrels more than the market demands, which caused prices to plummet once the imbalance began last fall. It’s a situation the International Energy Agency describes as “massively oversupplied.”
Much of that oversupply is because of new technologies that allow U.S. companies to extract oil that was previously unreachable in so-called shale deposits — vertical layers trapped between rocks. There’s so much shale oil coming out of the U.S. now that the country now produces more oil than Saudi Arabia — something that hasn’t been the case since the 1970s.

Click here to read the full CBC News report.