Oil price debacle done, OPEC aims for $50 crude: PIRA’s Ross

Crude oil should rebound to $50 a barrel (Bbl) by year’s end, possibly helped by supply cuts from producer-members of the Organization of the Petroleum Exporting Countries (OPEC), one well-respected industry forecaster says. They [OPEC members] want $50 oil, this is going to become the new anchor for global oil prices, Gary Ross, executive chairman of consultancy PIRA Energy Group, told Reuters. While it may not be an official target price, you’ll hear them saying it. They’re trying to give the market an anchor. If Saudi Arabia and other powerful Gulf OPEC members begin invoking $50 as fair price for producers and consumers, it could signal the end of a period in which the group exchanged managing the market and prices for market share, Kallanish Energy reports. Instead of slowing production and thus allowing prices to rise OPEC – Saudi Arabia – kept pumping and allowed prices to drop. While no one anticipated the longest and deepest crude price plunge in roughly three decad
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