According to the Italian oil group Eni, we may see oil at USD 200 a barrel in 4 or 5 years time. The reason, according to them, is because OPEC is refusing to cut production now, while oil prices are off their historical highs of over USD 100, and far from their close-to USD 150 of a few years back.
OPEC for their part say that even if they cut production, other producers will simply move in to supply the slack, and OPEC will lose market share, which they are loathe to do.
I came across this video which propagates a cool way to bring about world peace… starting with the current generation of children. You’ll need to excuse the occasional bad language but it’s worth watching. He first discusses the recent Charlie Hebdo incident and states a few facts which people in the West tend to forget about ….