Skip to content
Subscriber Only

Oil Trader Andurand Sees OPEC Output Deal ‘Major Turning Point’

  • Sees oil reaching $70 in first half of 2017 as supply shrinks
  • Andurand predicted drop to mid-$20s, recovery this year

Hedge fund manager Pierre Andurand expects the combined output cut agreed to by OPEC and Russia will boost oil to $70 a barrel in the first half of next year.

Andurand, who correctly called the slump to the mid-$20s in the first quarter of this year and the subsequent recovery, said the agreement will lead to large inventory declines sooner than anticipated, spurring higher prices. Andurand’s fund gained 6.1 percent in November and is up 14.4 percent so far this year, according to an investor letter.