Black gold falls, black plague arise - An Opec crude oil price forecast using a gray prediction model

Highlights • The oil market is a gray economic system.• The gray prediction method is one of the most suitable techniques for oil price prediction.• The oil market instability causes the permanent fall in the oil demand by 2030.• Short term projections of the oil price are more appropriate and accurate in the instable periods.• Oil price is predicted to be stablized in the 6–10$/bbl by 2021.