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Canadian & Global News

Demand Will Drive Oil Above $75 a Barrel

May 29, 2009

Citing Canada as the only non-OPEC country whose oil production is increasing, veteran oil observer Henry Groppe of Houston joins a growing throng predicting oil will average at least $75 US a barrel in the near future.

As he has almost since starting the oil consulting firm Groppe, Long & Litell in 1955, he ignores weekly inventory numbers and uses the fundamentals of production and consumption to predict trends.

Speaking to Richardson Partners Financial in Edmonton, Groppe, 83,says reduced world production will cause oil prices to continue climbing.

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