If OPEC decides at its meeting this week to keep pumping oil, there may be a slight pullback in crude prices, but that will probably be a temporary move, energy analyst Neal Dingmann said Tuesday.
"Overall, we think that … production is finally going to start to go down [and] prices are going to continue this upward trend," he said in an interview with CNBC's "Power Lunch."
In fact, Dingmann, managing director of energy research at SunTrust Robinson Humphrey, believes oil should be in the $50s this year and has the potential to hit $60 or more next year. It will specifically be driven by falling world conventional production, which is currently 40 percent of total daily production, he said.
While oil is heading for the fourth straight monthly gain, prices fell Tuesday after United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher.
The member nations of the Organization of the Petroleum Exporting Countries are set to meet Thursday in Vienna. Iran is expected to supply 5 million barrels of extra crude to its international oil company partners in June. Saudi Arabia, the world's top crude exporter, and fellow OPEC producers Kuwait, Iran and the United Arab Emirates, also plan to raise supplies in the third quarter.