Rapidan Energy Group founder Bob McNally predicts that Saudi Arabia’s oil output restrictions may end sooner than expected, as US crude prices reached a year-high.

He warns that high oil prices may lower demand, which Saudi Arabia will avoid.

The kingdom has indicated some openness to reducing output limits and is expected to make a cut-lifting decision in October or November.

Saudi Arabia aims for oil prices to hit $100, but market veteran Ed Yardeni warns that $100 oil could weaken demand and cause a global recession.