OPEC on Wednesday predicted oil prices wouldrebound,butthe cartel said it expects to reduce its own production in the coming years. The report comes after global oil pricesthis week fell to levels not seen since 2004 amid ballooning oversupply. In its closelywatched annual World Oil Outlook,published Wednesday, the Organization of the Petroleum Exporting Countries said it expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040, compared with$30.74 a barrel on Monday. Brent crude, the global benchmark, fellto $36.35 a barrel on Monday, the lowest settlement price since July 5, 2004. The “need to develop oil production in more expensive areas will drive long-term oil prices higher,” OPEC said inits report. Much of the recent oversupply has been led by the development of costly reservoirs in the U.S. and Canada, which started to slow after oil prices more […]