Oil Quickly Runs to $60-$70 in 2017: Pierre Andurand

The transcript discusses the crude oil market, focusing on the OPEC meeting and its impact. The speaker has been bullish since January, citing improved fundamentals and declining inventories. They express confidence in an OPEC cut, despite market skepticism. The discussion covers negotiations, market sentiment, and the role of Saudi Arabia in ensuring compliance. Concerns about market balance, investment cuts, and future oil prices are highlighted. The speaker predicts $60 oil by the end of the month and $70 next year, with potential for $100 oil towards the decade's end.

What was the speaker's prediction for crude oil prices next year?

• $40

• $50

• $60 or $70

• $80

Why did the speaker believe OPEC would cut production?

• To pressure non-OPEC countries

• Due to increased demand

• To increase competition

• Because they were too close not to make a deal

What was the reason for skepticism about OPEC's production cut?

• OPEC's production was already low

• OPEC's production was over 34 million barrels a day

• OPEC was not interested in cutting production

• OPEC had no history of compliance

What was the purpose of inviting traders before the OPEC meeting?

• To finalize the deal

• To gauge market sentiment

• To announce the cut

• To increase production

What are central banks and market participants worried about?

• Excessive investment in oil

• Increased production from OPEC

• Stable oil prices

• A large deficit in the coming years

Who is seen as the guarantor of the OPEC agreement?

• Russia

• United States

• Saudi Arabia

• Iran

What is the speaker's long-term price forecast for oil?

• $70

• $100+

• $50

• $85