US OIL EXEC WARNS CRUDE OIL PRICE TO RISE 90%
Dan Eberhart, CEO of the oil drilling company Canary said West Texas Intermediate could explode 90% from current levels and reach as high as $70 a barrel by fall this year, reported Saloni Sardana for Market Insider late on June 4, 2020.
Eberhart told Markets Insider US oil producers will see a "mini-supply shock" in autumn as they have "over-cut production."
The Organization of Petroleum Exporting Countries (OPEC) is meeting on Thursday to discuss extending production cuts, although there are reports the meeting will be postponed.
Eberhart doesn't think any extension will help support prices, as OPEC members had only a 74% compliance rate on cuts in May, according to a Reuters survey. He expects OPEC's compliance with cuts to fall further to about 50%.