Oil pump under blue sky, jet pump unit in the oil field, oil pump and water reflection
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Oil prices have doubled since last fall and are expected to continue rising during a volatile and unusually bullish phase for the commodity.
While there are some calls for $ 100 oil, industry analysts do not all agree that the price of crude oil per barrel will soon hit that milestone, or will stay there for long if it does. However, they all agree that there is more than one wildcard which makes calculating the future price very difficult.
One of these unknown price factors is the fate of US oil producers; how OPEC plus is putting in place production controls and how demand is recovering in places badly hit by the pandemic, such as India.
The market is currently experiencing a surge in demand, but production is not running at the same pace and inventories are falling.