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of international companies set oil prices next year

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rocky
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of international companies set oil prices next year

Post by rocky on Thu 11 Oct 2018, 2:26 am

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of international companies set oil prices next year[/size]


 Twilight News    

 2 hours ago




The world's largest trading company said on Wednesday it expected oil prices to fall below $ 65 a barrel and could exceed $ 100 a barrel next year due to US sanctions on Iran.
Oil rose this year on expectations that sanctions would test production capacity of the Organization of the Petroleum Exporting Countries (OPEC) and others as Iran's crude exports declined.
Brent crude hit $ 86.74 a barrel last week, its highest since 2014.
But in 2019, forecasts by agencies such as the International Energy Agency (IEA) suggest that the emerging market crisis and trade disputes could have a negative impact on global demand, while supply would be boosted by extra-OPEC production.
"We will not be surprised if oil exceeds $ 100 a barrel next year," Chief Executive Jeremy Ware said at an oil conference in London.
At the same conference, Gulf Oil and Gas Chief Executive Alex Baird said he expected oil to average between $ 85 and $ 90 per barrel in the medium term.
Turbjorn Tornkvist, chief executive of GenFure, said he expected lower prices next year at between $ 70 and $ 75 per barrel, citing a slowdown in growth, demand and adequate supply in the market.




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