EnergyWatch

Oil man who foresaw crash sees OPEC uniting in self-interest

If OPEC fails to implement an agreement, this could drag down crude to as low as USD 35 a barrel, according to one analyst.

Photo: Kamran Jebreili / AP Polfoto

OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation.

It's in the interest of all producers to reach a deal that's aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary Ross, executive chairman at PIRA Energy Group, which is now a part of S&P Global Platts. A failure to implement an agreement could drag down crude to as low as USD 35 a barrel, while success at the group's meeting later this month may push oil to USD 60, almost 35 percent higher than current levels, he said.

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