echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > Petrochemical News > Big oil traders expect oil prices to break above $200 by the end of the year

    Big oil traders expect oil prices to break above $200 by the end of the year

    • Last Update: 2023-03-04
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    According to today's oil price website on March 24, the Financial Times quoted views at this week's Commodities Global Summit and reported that some of the world's largest oil traders expect oil prices to exceed $
    200 per barrel by the end of this year.

    Pierre Andulander, a spokesman who had previously been very bullish on oil, said: "We will not return to normal business in a few months and I think we will lose oil supplies
    from the European side forever.
    " ”

    The hedge fund manager made its first forecast of $200 a barrel earlier this month, saying producers from OPEC+ African members to U.
    S.
    shale oil regions would struggle to replace crude
    that exited the market.

    RCMA Group Chairman Doug King told the Financial Times that crude oil prices could exceed $200 and reach $
    250 by the end of the year.

    Doug King told the Financial Times summit: "This is not temporary, it will be a crude oil supply shock
    .

    Earlier this month, there were predictions that Brent crude would reach $200 by April, but this appeared to be a reaction
    to the market.
    At present, the initial shock has receded, and prices have also fallen
    from post-ban highs.
    However, with analysts putting about 3 million barrels of oil out of the market per day, the upside potential remains significant
    .

    The problem, according to the trade industry, is that these oils cannot be easily or quickly converted
    .

    Alok Sinha, head of oil and gas at Standard Chartered, told the Financial Times summit: "Given the current situation, I don't think this is a temporary issue
    .
    It must now be dealt with as a long-term issue, which means we need to look for alternative supply growth
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.