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00:00YOU PROBABLY NEED A LOT OF FUNDING. VONNIE: MOVING ON, SOMETHING VERY SIGNIFICANT HAS CHANGED. THE POWER IN THE MARKET WHEN IT COMES TO SUPPLY HAS REALLY SHIFTED. IT USED TO BE OPEC AS A CARTEL. NOW, U.S. SHALE PRODUCERS HAVE A MASSIVE SWAY IN SOME WAYS OVER HIGH-END DEMAND. DO YOU EVER SEE OIL GETTING BACK ABOUT $60 AN BARREL? EIRIK: YES, DEFINITELY. IT SHOULD HAPPEN RELATIVELY SOON, BUT IT DOES NOT HAPPEN TOMORROW AND TO TAKE QUITE A WHILE. THE RESILIENCE OF U.S. SHALE OIL PRODUCERS TO STEP UP, ONGOING THAT WE KEEP PRODUCTION STABLE, ALSO OUTSIDE OF THE U.S. AND NON-OPEC COUNTRIES FOR LONG, BUT AT SOME POINT, IT HAS TO COME UP. VONNIE: WHEN IS THAT POINT? FIVE YEARS, TWO YEARS? EIRIK: WITHIN FIVE YEARS, YOU SHOULD SEE A SIGNIFICANT TIGHTENING OF THE MARKET FOR A SIGNIFICANT PERIOD. VONNIE: DOES OPEC DEEPEN CUTS? EIRIK: IF THEY DEEPEN CUTS, WON ' T THEY INCREASE PRODUCTION? THIS IS A PATIENT ' S GAME -- PATIENCE GAME. WHAT IS IMPORTANT IS THE 60 MILLION EUROS PRODUCED BY NON-OPEC PRODUCERS. DEMAND IS INCREASING, AT SOME

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Statoil Economist Sees Oil Above $60 'Relatively Soon'

Eirik Waerness, Statoil's chief economist, discusses the outlook for oil prices with Bloomberg's Vonnie Quinn on "Bloomberg Markets." (Source: Bloomberg)

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