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."