Evercore ISI expects oil prices next year to settle in the $60s per barrel, once demand increases and supply finally declines. Last fall, it appeared unlikely that the Organization of the Petroleum Exporting Countries (OPEC) would cut its crude oil production. And sure enough, the cartel increased its production to a rate not seen in 30 years. As Doug Terreson, an oil analyst with Evercorer ISI, explained during a Nov. 13 webinar, OPEC sought two things: an increase in demand and less production in the West. The $70 per barrel price didn’t achieve either objective; nor did $60 oil. However, he said, at $50 per barrel, a supply and demand rebalance is likely. A boost in production brought about that figure, but demand is catching up. “We believe oil demand will rise by about 1.7 million barrels per day this year, and by about 1.3 to 1.5 million barrels […]