Triple-digit oil prices 'not that far' away: Analyst
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- เผยแพร่เมื่อ 2 เม.ย. 2024
- Oil prices (BZ=F, CL=F) have risen above $85 per barrel, the highest level since October 2023. With OPEC+ maintaining supply cuts and the possibility of Federal Reserve rate cuts on the horizon, could there be more upside ahead?
Rystad Energy SVP and Head of Global Oil Macro & North America Research Director Claudio Galimberti joins Yahoo Finance to discuss the rising prices of oil and how the energy sector will operate moving forward.
Galimberti claims with geopolitical tensions and cuts from OPEC, it's easy to see how to get to triple-digit prices: "The OPEC cuts have created a huge deficit. Demand remains strong... We are seeing Ukraine just, as of yesterday, attacking a big refining in Tatarstan, which is something like a thousand kilometers from the border, from the Russian border, so there is an escalation in the war between Ukraine and Russia, specifically targeting Russian oil facilities. Russia is a major oil producer. So, the moment you have potentially 500,000, a million barrels a day temporarily impacted, this is when you can see oil prices notch up potentially another $5, $10, and then you are in triple digits." However, he notes that spare capacity in the Middle East could help keep prices from going too high.
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Hope it goes over 100.
Drill baby
Triple digit oil leads to demand destruction. OPEC likes high oil prices but not to the level that reduces demand.
The US has a miniscule Strategic Petro Supply 45% lower than 2021.... 😅
Texas strategic petro supply is in the billions of barrels.
@@Wolfcamp555 The strategic petro reserve is half what it was in 2021
@@axe863 doesn't matter. If the government needs to buy oil, it has oil wells on federal lands and offshore.
@@Wolfcamp555 At what price point
@@axe863the Global WTI pricing point is in Cushing Oklahoma. Federal Offshore crude can vary a few dollars from there.
The U.S. government is playing possum with the coming financial collapse. As they keep printing money to cover the debt ceiling every three months. The reality of fiscal collapse will be triggered by the inevitable spike in oil prices.
That EV did not turn out as some hoped. I've chosen the best of both Worlds, Plug In Hybrid... 😃
My Bolt meets my needs very nicely.
Boom, boom boom boom
Grayscale Crypto Trusts like LTCN and BCHG are doing very well Lately.
Oil will go lower since Biden need to get re-elected
Hunter biden😢
That darn trump
Texas prefers Biden's oil policies.
Inflation is going higher and that pushed oil up. Get a brain
Trump for president save America
Trump is not going to save us, neither is Biden. We're fucked.