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Oil & Gas

Oil guru who called 2014 slump sees return to $100 crude by 2020

The oil guru who predicted last year’s rout said $100-a-barrel crude is likely to return within five years as faltering supply fails to meet demand. Gary Ross, the founder of consultants PIRA Energy Group, said oil markets aren’t nearly as oversupplied as many believe and spare capacity is tight since Saudi Arabia is pumping all the crude it can without new drilling. “Current prices are unsustainable,” he said Monday in an interview in London. “It’s hard not to see oil hitting $100 a barrel at some point in the next five years.”

Markets

Oil Search boosts production target on record output

Oil Search has increased its production targets after achieving a record quarterly output in the second quarter of the year. The company said it now expects its production to be between 27 and 29mmboe (million barrels of oil equivalent). A previous estimate by the Papua New Guinea focused oil and gas producer had been between 26 and 28mmboe.