January 11, 2018
From the Wall St. Journal, “Whispers of $80 Oil Are Growing Louder:”
“Byron Wien, vice chairman of the Private Wealth Solutions group at Blackstone, put $80 West Texas Intermediate on his annual list of 10 surprises in store for markets this year.
“’Demand is going to continue to increase faster than supply,’ he said in an interview. ‘It’s out of consensus, but people are underestimating the expanding middle class in the developing world and their resultant demand.’
“Shrinking inventories, commitment by the Organization of the Petroleum Exporting Countries to cut output through the year, and only modest production growth from outside the group could all also push prices higher, he said.”