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: 602

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...
Balogun defies NWC, declares Sanwo-Olu winner of Lagos...

FG, petroleum marketers reach agreement on unpaid subsidy...

Rowdy ‎session as S-East senators allege Buhari’s appointments...

Buhari fires first campaign shot at Atiku

Ekweremadu: Don’t push Igbo to the Wall, Ohanaeze...

2019: Atiku greatest fear of APC – Fani-Kayode...

Why service chiefs ‘appeared’ at Buhari’s campaign launch...

FG falsified national debt profile to deceive Nigerians...

PDP national chairman asks Buhari to quit

Anambra monarchs protest against EFCC over harassment of...

APC, PDP weak with deceitful manifestoes –Dogara

Pres. Buhari finally arrives Nigeria after U.S trip...

 

Latest News Our endorsement of Atiku, Obi sacrosanct —Ohanaeze Order on ballot box snatchers: We’ll act according to the law – Army Buhari orders Army, Police, others to kill ballot box snatchers Outrage as Buhari declares death for ballot box snatchers Ballot box: Buhari showing his true colours with death threat – Atiku Enugu East: Court sacks APC Senatorial candidate Postponement: Presidency speaks on alleged plans by Buhari to remove INEC chairman Customs officer allegedly kills passenger over N5,000 bribe Woman allegedly defrauds church of N110m, nabbed APC national caucus meets on Monday, ahead of rescheduled elections Election Postponement: INEC Chairman has many questions to answer --ABC Nwosu TI doubts safety, integrity of electoral materials

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (7,633 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (6,436 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (6,134 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (5,614 views) ASUU strike: Senate intervention ends in deadlock (5,506 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (4,576 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (4,467 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (4,406 views) Anambra: INEC releases 37 candidates for Nov poll (4,345 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (4,343 views) Buhari has disappointed Nigerians – Arewa Youth Forum (4,301 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (4,221 views)

 

SECTIONS NEWS (831) EDITORIAL (6) POLITICS (412) SOCIETY (105) SPORTS (13) BUSINESS (241) HEALTH (16) EDUCATION (20) INTERNATIONAL (31) ENTERTAINMENT (8) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (10)

 

 

Julius Agwu - Crazy Interview Demands