Oil Analysts, Wrong Since 2001, End Forecasts of Price Drop

“Next year, we are going to see the continuation of a very tight market, vulnerable to supply shocks and disruption,” said Kevin Norrish, a director of commodities research for Barclays Capital in London. Norrish and colleague Paul Horsnell had the highest and most accurate forecast for prices last year.

“The dynamic shifted this year,” said Doug Leggate, senior oil analyst at Citigroup Inc. in New York. “There was a growing perception that supply was running out. The doomsday scenario that stated OPEC couldn’t meet demand and the Saudis wouldn’t be able to increase output gained traction.”

Bloomberg