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: 455

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...
APC is sick- Dino Melaye

Unpaid salaries: PDP donates bags of rice to...

Anarchy looms in Nigeria, Constitution now suspended, Fayose...

Fani-Kayode reveals what Buhari allegedly did in UK,...

Fayemi resigns as minister, picks Adubiaro as Ekiti...

APC not for everyone – El-Rufai

The Big Kick-off: World greatest sports fiesta begins...

Benue killings: We’re tired of observing a minute...

Tagbo;s Death: Davido's men confess

CJ Directs Judges to Conclude Pre-election Cases by...

Metuh collapses in court

S-East summit on Restructuring: Heavy security presence around...

 

Latest News Military plans another Python Dance in South-East Buhari warns against pipeline vandalism, commiserates with Abia explosion victims My VP role won’t conflict with Gov. Obiano, says Obi Benue: Herdsmen vow to remove Gov. Ortom in 2019 Buhari laments as Kaduna crisis claims 55 lives Odinkalu lists threats to 2019 elections 2019: Impostors trying to submit fake names to INEC – PDP IPOB leader, Nnamdi Kanu resurfaces in Israel Boko Haram will soon become history – Buhari Aggrieved APC Aspirants seek President Buhari’s intervention Customs Intercepts N28m China-made Container Load of Soup FG begs workers to accept N24,000 new minimum wage

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (6,880 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (5,355 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (5,138 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (4,613 views) ASUU strike: Senate intervention ends in deadlock (4,519 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (3,763 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (3,498 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (3,494 views) Anambra: INEC releases 37 candidates for Nov poll (3,448 views) Buhari has disappointed Nigerians – Arewa Youth Forum (3,438 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (3,428 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (3,391 views)

 

SECTIONS NEWS (520) EDITORIAL (6) POLITICS (368) SOCIETY (104) SPORTS (12) BUSINESS (213) HEALTH (16) EDUCATION (15) ENTERTAINMENT (7) INTERNATIONAL (30) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (8)

 

 

Julius Agwu - Crazy Interview Demands