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As oil supply falls in non-OPEC countries, it could signal higher demand that could send crude oil prices to as high as $80 a barrel, says David Pursell, managing director at Tudor Pickering Holt.
"I think you have to believe that the market is not as oversupplied as consensus believes," he told CNBC's "Power Lunch " on Monday.
Pursell said that inventories are already more balanced compared with the second quarter of this year. In addition, demand growth will continue as non-OPEC supply falls next year. "So that puts the market clearly undersupplied by the back half of 2016; that's not tomorrow but those factors coupled into the equation boil out to be $80."
However, he said, companies will not be able to assume that price target will happen as they plan for the coming quarters because their balance sheets won't allow it.
"The challenge is that companies are going into planning sessions now and although they want oil to be $80 in the back half of next year, they certainly are not planning on it."