A set of quotes on oil from some people in high places from Bloomberg Briefs:
There are some observations and deductions to be made from this set of quotes. Possibly the person to gain the most from higher oil prices, the CEO of Russia’s VTB Bank, says that $60-$80 is the range for oil prices. Given that he is most likely to be the most optimistic we can think of $80/barrel as being the most optimistic best case scenario for the oil price for the foreseeable future. Meanwhile, the Vice President of Iraq came with a much more practical forecast for oil prices suggesting that the $40-$50 price range is not such a temporary phenomenon, and in fact the $60-$70 area will be the ceiling for prices during the next couple of years.