OPEC Sees Oil Prices Below $100 in Long Term

Despite supply pressures the oil price should rebound from current levels as demand rises

LONDON—The Organization of the Petroleum Exporting Countries said Friday that oil prices will remain below $100 a barrel in the long term, but should bounce back from current levels as demand for crude will rise more than currently expected.

The forecast comes as the oil cartel’s members—many of which need a price of over $100 a barrel to balance their budgets—have been grappling with free-falling oil prices. Late last year, the group abandoned its traditional role of cutting production to bolster prices, triggering.