Oil prices have fallen because of fears over the Omicron coronaviruses variant.
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If economies return to normal from the swine flu, Christopher Wood said oil could hit $150 a barrel.
Wood told CNBC on Wednesday that the oil price can go higher if the world reopens.
The oil price could go to $150 dollars in a fully reopened world because of the supply constraints.
Even as demand for fossil fuels remains robust, energy companies have pulled back from investing in production, according to Wood, the investment bank's global head of equity strategy.
If economies return to normal in the coming years, he argued that tighter supply will add to upward pressure on crude prices.
The oil price is going to go up in a fully reopened world because nobody is investing in oil. He said that the world still consumes fossil fuels.
The political attack on fossil fuels has led to falling investment.
The pressure on companies to reduce fossil fuel use has been put on them by institutional investors. Regulators are working on measures to achieve the same goal.
The effect of keeping demand in place during the transition to green sources was the result of the pressure to stop the development of new oil, gas and coal fields.
The discovery of the new Omicron coronaviruses variant has caused oil prices to fall. Fears of it being resistant to current vaccines have caused some governments to impose travel bans.
Wood said that the only thing that will knock the oil price down is the news about the new variant in the Western world.
After falling the previous day, the price of crude was up 2.99% to $68.20 a barrel, but still well off a recent high of $85. The price of crude was up by more than 3%.
Analysts at JP Morgan said oil could hit $150 a barrel by the year 2023.
They said that the control of prices by the Organization of the Petroleum Exporting Countries is likely to drive up prices in the future. The likes of Russia and other non-member countries are part of the group of major oil producing countries.
The Wall Street bank said it expects the oil price to bedefend by the Organization of the Petroleum Exporting Countries with paced volume growth to keep inventories low, markets in balance, and well managed.
In the spring of 2020 oil prices crashed as the coronaviruses began to affect the global economy. As demand has recovered, they have risen sharply.
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