Economic growth in the developing world could help push oil prices to as high as US$65 per barrel in coming quarters, according to the chief executive of Bonterra Energy.

“We have a fair shot by the end of the year, or maybe within the first or second quarter of 2018, [to see oil] probably ranging between US$50 and US$65,” said CEO George Fink in an interview on BNN.

Fink said there is enough demand coming from the entire region to offset sluggish growth in China’s economy.

“If you look at India, their middle class is just developing,” he said. “They’re still not a developed nation, nor are a lot of countries in Asia and in Africa. That demand is just going to continue growing, year after year. We don’t see that stopping.”

Fink’s comments come as OPEC and non-OPEC members decided during a meeting in Vienna to extend production cuts for another nine months. 

The price of crude slumped after the announcement, falling below US$50 per barrel. Some investors were hoping the production cuts would be deeper.

The oil market has been in a three-year price slump fueled by a glut in global supply.

Cuts by OPEC have helped to lift oil above US$50 this year, and have also given a boost to producers on optimism supply and demand in the energy markets would become more balanced.

Oil above US$50 per barrel is good news for companies like Bonterra which have had to become more nimble as they cut costs to adjust.

“We have cash flow even under US$50 a barrel,” said Fink. “We have to adapt, modify, and we can get by.”

Fink is not alone in his slightly more bullish view on future oil prices. Ken Courtis, chairman of Starfort Investment Holdings, recently told BNN that he sees oil prices climbing to the mid-US$70s per barrel range by this time next year.

Som Seif, CEO of Purpose Investments, said his firm was short oil for “a very long time.” Now, it’s long oil because of optimistic trends he’s seeing.

A turnaround in oil prices would certainly help to give Alberta’s oil sands a boost.

But Fink believes there are troubling signs emerging from Canada’s economy overall.

“The Canadian economy is not very strong at this point in so many areas, whether you have the lumber situation in BC, whether you have the manufacturing and the automobile assembly in Ontario,” said Fink.

He doesn’t see much strength for the loonie, either.

“We see the dollar deteriorating in value and not going up to 80 cents [US]. We see it in the 60s before it hits the 80s,” he said.