pexels
Every week, 100 million barrels of oil are lost, and every month, that adds up to 400 million barrels, said Fereidun Fesharaki, the company's honorary chairman, during an interview with Bloomberg Television. "If this continues, the total losses for the market will be extremely large over time," he added.
Fesharaki stated that verbal efforts, including comments by US President Donald Trump regarding the potential conclusion of the conflict, are not yielding results. He thinks that actual events, like supply problems, eventually affect how much things cost.
He added that the market will suffer and prices will rise. “It makes no difference what the president says regarding political matters,” he noted.
Macquarie has recently forecasted an increase in oil prices to $200, whereas Societe Generale believes there is potential for significant increases, possibly reaching up to $150.
source: bloomberg.com
Fesharaki stated that verbal efforts, including comments by US President Donald Trump regarding the potential conclusion of the conflict, are not yielding results. He thinks that actual events, like supply problems, eventually affect how much things cost.
He added that the market will suffer and prices will rise. “It makes no difference what the president says regarding political matters,” he noted.
Macquarie has recently forecasted an increase in oil prices to $200, whereas Societe Generale believes there is potential for significant increases, possibly reaching up to $150.
source: bloomberg.com