2023-06-14 09:32:00 ET
Oil prices have been surprisingly weak this year. WTI, the primary U.S. oil price benchmark, recently fell below $70 a barrel. That's a more than 40% plunge from the over $120 a barrel price point WTI fetched this time last year. The sell-off comes despite significant global supply issues, additional production cuts from OPEC+, and rising demand.
However, while oil prices are down right now, many industry experts expect crude oil to rally in the future. That includes Beth McDonald, an executive with leading U.S. oil producer Pioneer Natural Resources (NYSE: PXD) . She recently laid out the case for crude oil returning to the triple digits in the coming years. Here's a closer look at the bull case for crude prices.
At a recent industry conference, Pioneer Natural Resources executive Beth McDonald discussed the company's oil market outlook. She noted that global oil demand continues to grow while supply growth remains muted. That drives her view that oil prices will rise later this year
For further details see:
Why a Return of $100 Oil Seems Likely in the Coming Years