Oil prices will rise to $60 a barrel by next year, Texas oil commissioner Ryan Sitton predicted on Wednesday at NAPE, the world's largest upstream exploration and production expo.
During the expo, Sitton spoke about the victories of the Texas oil industry and its historic rise in production as well as its role in the global oil economy.
Sitton said that two years ago the world was producing 2 million more barrels of oil a day than it was consuming, dropping oil prices. However, oil production has since decreased by roughly 1.5 million barrels a day among our nation and Venezuela alone, and per capita demand continues to rise in countries like India and China.
He added that only about 65 million barrels of oil a day can be produced profitably at $40 a barrel and yet he cannot imagine that businesses will continue pumping oil and losing money in production.
During the predicted rise of oil prices next year, Sitton said Texas is poised to rebound because no other area in the world has such accessible land and so many miles of pipeline.