According to Waerness , $60 barrel is unlikely to happen as soon as tomorrow, but the goal will be met sooner, rather than later, on a 2050 timeline. A series of “surprises” have affected the recovery of oil prices over the past three years, causing previous forecasts to be inaccurate. “The fact that we have so much oil in storage for so long has been a surprise,” Waerness said. “ The resilience of U.S. shale oil producers to actually step up production once prices came above $50 is a surprise. An ongoing surprise is that we keep production stable outside of the OPEC and non-US countries for so long.” He said oil prices should tighten with the next five years, describing the slow recovery as a “patience game.” Non-OPEC nations must also cut production in order to reverse the supply glut. “At some point this level is not sustainable, […]