Oil price could hit $100 ‘in coming months’ – Total CEO

By Editor on 18/05/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 274

Oil prices
Oil prices

THE CEO of French oil giant Total said Thursday he would not be surprised to see the price of a barrel of crude reach $100 later this year.

“We are in a new world. We are in a world where geopolitics are dominating the market again,” Patrick Pouyanne said at an event held by a Washington think tank.

Oil prices have risen steadily since the summer as producing nations attempt to rein in supply and amid fears of geopolitical instability. Toward 0950 GMT, a barrel of North Sea Brent briefly passed $80 for the first time since November 2014.

Market ripples from Venezuela’s economic distress and President Donald Trump’s decision this month to exit a joint sanctions deal on Iran’s nuclear program have pushed prices higher.

Economists warn that rising oil prices pose a danger to the current economic expansion and could dull the effects recently enacted US economic stimulus.

“OPEC and Russia have been implementing their policies efficiently,” Pouyanne said, referring to the Organization of the Petroleum Exporting Countries’ efforts to clamp down on supply.

OPEC and Russia have held to production limits since early last year to boost prices.

“And on top of it, you have the announcement on Iran, which is pushing the price up,” said Pouyanne.

“So I wouldn’t be surprised to see $100 per barrel in the coming months.”

Pouyanne said Iran had raised production by a million barrels a day after sanctions were lifted under the 2015 Iran deal.

But this increased production was now in doubt due to the looming re-imposition of US sanctions, he said.

“On top of it you have Venezuela,” said Pouyanne. “The situation is catastrophic and the production is declining.”

Venezuela, which has the largest proven oil reserves in the world, has seen production plummet amid the acute economic crisis that has left it unable to conduct maintenance or expand output.

That has been exacerbated by legal rulings against Venezuela’s state oil company PDVSA, including in favor of ConocoPhillips, which last week enforced a $2 billion award at four PDVSA facilities in the Caribbean. AFP

Posted 18/05/2018 06:23:19 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Nigerian Senate suspends Pro-Buhari Senator

Christmas Bonus: Ugwuanyi approves 13th month salary for...

Court affirms IPOB’s proscription

Babangida asks Nigerians to vote out Buhari in...

Full speech of Presidential Aspirant, Alhaji Atiku Abubakar...

Imo Uncovers 257 Illegal Baby Factories

Masked DSS operatives, policemen take over National Assembly...

Herdsmen: Army loses 13 soldiers in Benue, Kogi,...

Passengers sue Med-View Airline for cancelled flight

ACF dissociates itself from communiqué expressing vote of...

Buhari signs 2018 budget, kicks as lawmakers inject...

Afegbua arrives Force Headquarters, says he’s not under...

 

Latest News Adams Oshiomhole is APC New National Chairman Celebrations, tears as Saudi Arabia overturns ban on Women Driving APC announces Results of National Convention Herdsmen kill over 100 returning from funeral in Plateau Abakaliki Street still exist in Awka --LG boss PDP, Ohaneze demand immediate release of Sen. Abaribe Alleged kidnapping: Evans hires new lawyer after former withdraws over threats to life Police deploys 5000 personnel for APC Convention Court dismisses FG’s suit seeking forfeiture of accounts not linked to BVN Osinbajo, Saraki, Atiku others lauds Super Eagles’s victory against Iceland 2018 Budget: Fayose attacks Buhari for blaming National Assembly, calls President ‘blame specialist’ 2019: Muslim group accuses Saraki, Dogara of plotting Buhari’s downfall with 2018 budget

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (6,002 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (4,129 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (3,712 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (3,538 views) ASUU strike: Senate intervention ends in deadlock (3,470 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (2,881 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (2,642 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (2,556 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (2,535 views) Buhari has disappointed Nigerians – Arewa Youth Forum (2,531 views) Anambra: INEC releases 37 candidates for Nov poll (2,468 views) Chime not owner of Enugu Mall – Spar (2,117 views)

 

SECTIONS NEWS (157) EDITORIAL (4) POLITICS (285) SOCIETY (95) SPORTS (9) BUSINESS (145) HEALTH (13) EDUCATION (12) ENTERTAINMENT (7) INTERNATIONAL (24) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (7)

 

 

Julius Agwu - Crazy Interview Demands