Price of oil could reach $100/barrel by late 2018 or early 2019
27 September, 2018, 01:18 | Author: Darnell Patrick
He also accused Iran of sowing chaos and pledged to imposed further sanctions.
The aggressive deadline has left the market to wonder whether top exporter Saudi Arabia and other producers can fill the gap left by the anticipated loss of about 1 million barrels a day in the coming months.
The US President has repeatedly blamed OPEC for high oil prices, to which the organization replied that it has no power to control crude prices.
A Nigerian oil industry official said OPEC will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.
Trump, who spoke at the United Nations General Assembly in NY yesterday, lashed out at OPEC and its allies for keeping oil price high, saying that high oil prices negatively affect the economies of the world.
"This is the oil market's response to the OPEC and allies' refusal to step up its oil production", said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt.
The remaining parties to the 2015 Iran nuclear deal, which curbed Iran's nuclear program in exchange for sanctions relief and from which Trump withdrew the United States in May, agreed on Monday to work to maintain trade with Tehran despite skepticism this is possible as US sanctions to choke off Iranian oil sales resume in November.
Brent markets rallied significantly during the day as well, but unlike WTI, they don't seem to be constrained by significant resistance above. If Donald Trump wants cheaper crude like he declares, America should stop interfering in Middle East affairs, he said.
Brent crude prices rose to a almost four-year high above above $82 a barrel on Tuesday after OPEC and its allies said they would stick to the plan they agreed to in June. We want them to stop raising prices, and we want them to start lowering prices.
The price of oil has been steadily going up since the early months of 2017.
The IIF said such a system would likely fail to persuade major European companies to do business with Iran for fear of USA sanctions. Those factors could dampen demand for oil, making it perilous to increase supply.
Royal Dutch Shell CEO Ben van Beurden told CNBC this week that $80 oil is not "unreasonable" and may be necessary to fuel spending on oil and gas infrastructure after a period of underinvestment.
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