Did You See My Oil Price Prediction?

Oil prices rose to their highest level since 2014 this week, with WTI crude hitting $86 per barrel and Brent oil teasing the $90 mark. That means we're right where I said we'd be. And more than that, we are indeed on track to hit $100 oil this year. Oil prices rose to their highest level since 2014 this week, with WTI crude hitting $86 per barrel and Brent oil teasing the $90 mark. That means we're right where I said we'd be. And more than that, we are indeed on track to hit $100 oil this year. [Outsider Club logo] Did You See My Oil Price Prediction? [Jason Simpkins Photo] By [Jason Simpkins]( Written Jan 28, 2022 About a year ago, I wrote [an article about oil and gas prices](. In that article, I made it clear that I was bullish on oil prices, noting: "Oil prices have staged a comeback and are now trading above $65 per barrel — an 80% surge from their October lows. Better still, for the industry at least, they're poised to shoot even higher." But that's not all. A few months later I wrote [another article, doubling down on an oil price spike](... "In the short-term I foresee us hitting $80 per barrel in the next few months," I wrote. "And in the long-term, a year or two, I think we'll see triple-digit oil prices for the first time since 2014." Well, here we are, seven months later, and the oil price prediction I made has come to fruition. Oil prices rose to their highest level since 2014 this week, with WTI crude hitting $86 per barrel and Brent oil teasing the $90 mark. That means we're right where I said we'd be. And more than that, we are indeed on track to hit $100 oil this year. Here's why... "Miracle Mineral" at Center of Multi-Trillion Wealth Bonanza Inside each of these spheres is a natural resource more important than oil, coal, or gas. It’s called the “Miracle Mineral.” [See how this little-known resource could give savvy investors the chance to turn $500 into $82,175 over the next few months.]( Oil is a pretty easy commodity to predict, because it just about always comes down to supply and demand. And over the past year, demand has shot steadily higher while supplies have remained relatively stagnant. After slumping to 88.5 million barrels per day in 2020, global crude consumption bounced back to 96.2 million bpd in 2021, according to the International Energy Agency. And this year, it's expected to stalk even higher to 99.5 million bpd. That would be almost exactly where it was prior to the pandemic — and a near-record high. [Oil Demand 2022] However, supplies haven't come back as quickly. You see, the world's leading oil producers — OPEC, Russia, and its Eurasian allies — cut production deeply in 2020, siphoning a total of 9.7 million bpd (about 10% of global demand) off the market. As demand returned the group said it'd ramp back up and increase production by 6.4 million bpd, and further promised to boost production by 400,000 bpd monthly until it reached pre-pandemic levels. Of course, that's not what they're doing. The group known as OPEC+ raised its production by just 250,000 bpd in December, which is only 60% of what it promised. All told, the group is pumping 790,000 bpd less than what it said it would. Russia even cut its production by 10,000 bpd instead of boosting it by 20,000. And OPEC is still producing 2.5 million bpd less than it was at the start of 2020. Furthermore, technical malfunctions and supply bottlenecks have undermined production elsewhere in the world. Nigeria pumped 460,000 bpd below its quota last month after it was forced to shut down a major export terminal. Angolan production has fallen to 17-year lows. And Iraq’s production capacity has been diminished by 140,000 bpd because pipelines are either decaying or being sabotaged by insurgents. Other countries like Libya and Kazakhstan could see their production undermined by political unrest, and a potential invasion of Ukraine could lead Russia to cut its exports to Europe. The #1 Strategy for Biotech Stocks? It’s no secret that biotech is the most exciting investment arena there is. There’s never a shortage of demand for new treatments for the world’s worst diseases, like cancer, Alzheimer’s, and arthritis. And with my new trading system, “Project Greenlight,” you’ll always know with up to 95% confidence which of those new medicines will be approved by the FDA and which won’t... This could set investors up to make six figures or more in biotech profits. And right now, there's a tiny biotech firm trading for pennies on the dollar with a medicine that’s on the brink of FDA approval... [Learn more about this unique opportunity today.]( And for their part, U.S. shale producers have remained disciplined and even constrained by higher break-even drilling costs related to materials and labor. So barring an unforeseen economic collapse, triple-digit oil is a near-certainty. Bank of America even believes WTI will hit $117 by July and that Brent will reach $120. Numbers like that haven't been seen since the commodity boom that accompanied the Great Recession. For that reason, oil stocks are an appealing place to hide out while tech companies and growth stocks take their lumps. Companies like Occidental Petroleum (NYSE: OXY), ConocoPhillips (NYSE: COP), Devon Energy (NYSE: DVN), and BP (NYSE: BP) are among the top stocks one might consider. And make sure to gas up your car because gas prices are going to test $4.00 per gallon before long. Just like I said they would. Fight on, [Jason Simpkins Signature] Jason Simpkins [follow basic]([@OCSimpkins on Twitter]( Jason Simpkins is Assistant Managing Editor of the Outsider Club and Investment Director of Wall Street's Proving Ground, a financial advisory focused on security companies and defense contractors. For more on Jason, check out his editor's [page](. *Follow Outsider Club on [Facebook]( and [Twitter](. Browse Our Archives [The Best 20 Bucks I Ever Lost]( [3 Stocks Investors Should Revisit NOW]( [Gold's Not Dead]( [2 Ways to Beat Inflation and the Food Crisis]( [The Fed Is Full of Crap and Wall Street's Buying It]( --------------------------------------------------------------- This email was sent to {EMAIL}. It is not our intention to send email to anyone who doesn't want it. If you're not sure why you've received this e-letter, or no longer wish to receive it, you may [unsubscribe here]( and view our privacy policy and information on how to manage your subscription. 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