Rothman: Oil Prices Could Top $85

Rothman:  Oil Prices Could Top $85Rothman:  Oil Prices Could Top $85

Oil prices could surge above $85 a barrel by the end of this year, according to analysis by Michael Rothman, considered to be one of the most astute oil experts on Wall Street. Rothman heads the research firm Cornerstone Analytics, through which he advises governments from all over the world, the oil-rich Saudi royal family and its affiliates, and energy firms, CNBC reports. Barrel prices hit a 13-year low on 11th February this year. Last week, they surged above $50. Two separate pushes to reduce oil production to force prices upwards have been rejected by Saudi Arabia, which fears Iran’s rise if the latter does not join the proposed freeze. Russia, the 13-member bloc’s rival, said OPEC has “practically stopped existing as a united organization” before the proposed freeze failed to get off the ground for a second time on 2 June. Iranian officials have made it clear that they will not participate in production freeze, as the government is focused on reaching its pre-sanctions oil level.