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Oil Could Hit $100/b amid OPEC Supply Cuts: Equinor

OIL

Global crude prices could top $100/b amid OPEC’s decision Oct. 4 to continue with current supply cuts, Equinor Chief Economist Eirik Waerness said at the Baker Institute Center for Energy annual energy summit in Houston and reported by Reuters.

  • "I wouldn't exclude that we can have prices reaching $100 a barrel, but that wouldn't be because OPEC would like it to reach there. I don't think they are aiming for that price," he said.
  • According to Waerness, OPEC is probably targeting a price below $100/b to prevent demand destruction, but current supply-demand fundamentals support prices rises.
  • "It is a relatively tight market in terms of how much oil is in storage, (and) how much spare production capacity that the world has," he said.
  • The OPEC+ Joint Ministerial Monitoring Committee did not recommend any policy changes at its meeting on Wednesday, the producer group said.
Energy BulletsCommodities
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