WASHINGTON: The CEO of French oil large Total stated Thursday he would now not be shocked to peer the price of a barrel of crude succeed in $100 later this 12 months.
"We are in a new world. We are in a world where geopolitics are dominating the market again," Patrick Pouyanne stated at an tournament held through a Washington think tank.
Oil costs have risen steadily because the summer as generating countries attempt to rein in a supply glut and on fears of geopolitical instability. Toward 0950 GMT, a barrel of North Sea Brent in brief handed $80 for the first time since November 2014.
Market ripples from Venezuela's financial misery and President Donald Trump's choice this month to go out a joint sanctions deal on Iran's nuclear program have driven costs upper.
"OPEC and Russia have been implementing their policies efficiently," he stated, regarding the Organization of the Petroleum Exporting Countries.
"And on top of it, you have the announcement on Iran, which is pushing the price up," stated Pouyanne.
"So I wouldn't be surprised to see $100 per barrel in the coming months."
"We are in a new world. We are in a world where geopolitics are dominating the market again," Patrick Pouyanne stated at an tournament held through a Washington think tank.
Oil costs have risen steadily because the summer as generating countries attempt to rein in a supply glut and on fears of geopolitical instability. Toward 0950 GMT, a barrel of North Sea Brent in brief handed $80 for the first time since November 2014.
Market ripples from Venezuela's financial misery and President Donald Trump's choice this month to go out a joint sanctions deal on Iran's nuclear program have driven costs upper.
"OPEC and Russia have been implementing their policies efficiently," he stated, regarding the Organization of the Petroleum Exporting Countries.
"And on top of it, you have the announcement on Iran, which is pushing the price up," stated Pouyanne.
"So I wouldn't be surprised to see $100 per barrel in the coming months."
Oil price could hit $100 'in coming months': Total CEO
![Oil price could hit $100 'in coming months': Total CEO]()
Reviewed by Kailash
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May 17, 2018
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