Yergin Sees Oil Price Near Bottom as U.S. Output Set to Fall
- Crude may trade around $70 to $80 a barrel by end of decade
- Private equity money waits on sidelines for oil and gas deals
Oil Market Enters Peak Season: Here's What to Watch
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Oil is near a bottom and global supplies look poised to close their gap with demand as investments in new production decline and consumption grows, according to Pulitzer Prize-winning author Daniel Yergin.
U.S. crude output, which surged to the most in more than three decades this year and triggered a price collapse, will retreat by about 10 percent in the 12-months ending April, according to Yergin, vice chairman at IHS Inc. Global oil supply and demand will begin to move into balance by late 2016 or 2017 and prices may rise to $70 to $80 a barrel by the end of the decade.