Oil prices have dipped ahead of the closely-watched meeting of OPEC producers on Thursday but well-respected figures in the oil industry believe that prices are still too low and that the only way is up.
"Oil's going up because the oil market is rebalancing," Gary Ross, the founder, executive chairman and head of Global Oil at PIRA Energy Group, told CNBC on Wednesday.
"We're seeing non-OPEC supply decline quite substantially and, add in the supply interruptions which are humungous and we're seeing the surplus going down a million barrels a day in the second quarter already which is way earlier than most people expected."
Ross' comments are closely followed by oil market watchers as he has built up a reputation for accurate predictions on the oil price. In March, Ross told clients of his consultancy PIRA that he believed the "lows are in" for crude which was then around $30 a barrel.