"The price will go up to $70 but it will be a bumpy road," Marie-Jose Nadeau, the chairwoman of the World Energy Council, said, adding that this was due to the OPEC energy cartel's decision in 2014 not to its cut oil output.
US State Department's acting special envoy and coordinator for international energy affairs, Amos Hochstein, told the assembly the prospected price of $70 per barrel was fair, because it allowed the United States to produce shale oil "without creating stress to the market."
"Nothing new has happened with oil volatility. Seventy dollars is a fair price," Amos said.
Oil prices rose early on Thursday after US oil supply data showed that the US crude stockpile had fallen for the first time in 2015, Bloomberg reported.
On Wednesday, the crude oil futures benchmark North Sea Brent climbed to a year's high of $69.63 before finally settling at $67.77. Crude oil prices fell by 50 percent last summer due to a glut of supply in the global market.
