Target 2.5-3$Fingers crossed . I expect another double from here to 2.5- 3$ if Oil stays above 85$ .
Was seeing on general forums .People are still underinvested in Oil . Opec production is in decline due to less investments ,years of underinvestment .
I dont think any of these OPEC countries except low cost producers would invest in oil production increase . Possibly sustained Oil above 100$ for 1-2 years might see new investments on Oil/Gas which is seen as a sunset industry by many.
For example look at used car markets , Lol used cars are 40% above market price for past 14 months .
I sold my used car for more than I bought it 2 years back and still markets are tight . Supply chain issues persist . Similarly if they start drilling , where do they get chips/equipment for new rigs.