"“At $70 a barrel, there will be panic in OPEC. We have become used to living with $100 a barrel,” said one OPEC official...
OPEC says the oil price will start rising in the second half of 2015 and will reach $177 per barrel within the next 25 years.
"We are concerned but we are not panicking," said Abdullah el-Badri, head of OPEC, said at a news conference for the release of the group's 2014 World Oil Outlook on Thursday.
The organization said it expects the price of crude oil will increase in the middle of 2015 to reach $110 per barrel. The OPEC reference basket will reach $124 per barrel in nominal terms by 2025 and $177 per barrel by 2040."