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Page added on November 6, 2018

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Oil Could Hit $100 If Supply Crunch Worsens

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Oil prices are likely to be “biased to the upside” for the rest of the year as demand from refineries rises in November and December, according to Citigroup Inc.

An average price of $80 a barrel for this quarter is “realistic,” with spikes to $90 or even $100 possible if further disruptions worsen a supply crunch amid rising consumption, Citi’s Global Head of Commodities Research Ed Morse said Tuesday. Benchmark Brent crude topped $85 early last month on concern U.S. sanctions on Iran would create a shortage. Prices have since dropped back.

The outlook comes as the Organization of Petroleum Exporting Countries and its allies send mixed supply signals to the market, with Russia suggesting it could push output to a record and an OPEC committee signaling the group could cap supply again in 2019. Central to the uncertainty is Iran, where the U.S. imposed sanctions this week while granting waivers to eight buyers of its crude.

Iran is likely to continue sales of about 1 million barrels a day, Morse said in a Bloomberg Television interview, adding that the waivers don’t allow unlimited purchases. “How much oil is being granted from Iran to each of those eight countries? We can only surmise until we get a tweet from somebody in the government.”

Supply disruptions can also be expected elsewhere, including in OPEC nations Nigeria, Libya and Venezuela, according to Morse. In Nigeria, where elections are coming up, “there are always disruptions and they average about half a million barrels a day,” he said.

Next year, Citigroup sees the demand picture changing as potentially slower economic growth weighs on energy use.

“Longer term, there are lots of road blocks to demand,” Morse said. “I think demand at stake is maybe 500,000 barrels a day lower next year than this year.”

RIGZONE



82 Comments on "Oil Could Hit $100 If Supply Crunch Worsens"

  1. Darrell Cloud on Wed, 7th Nov 2018 4:26 pm 

    Der, I worked for a decade in the Florida prison system. I was there when the Merieletos hit our prison system. I watched them kill the old line Cubans in our unit and take over the drug trade. These guys will open the borders to the Salvadorians, the Mexican Mafia and the rest. The Democrats see only one thing more votes. They do not care about the consequences of those votes as long as it secures their power. You my friend are a pot calling a kettle black.

  2. Davy on Wed, 7th Nov 2018 4:37 pm 

    Dirty Juan doing the same thing he always does here on the board which is saying nothing but trying to look cute with his personal self-deception of having clever attacks. What a useless waste of time. He shows clearly his GED education because how intellectually deep can a pissed off high school dropout be. He wants so much to command respect but instead betrays his real self that is a shallow selfish moron bent on petty internet battles.

  3. Davy on Wed, 7th Nov 2018 5:10 pm 

    Sorry for losing my shit again everyone.

    Anyone that is a regular on the board knows how much I enjoy my petty internet battles. I talk about it all the time. So yah, more of my usual projecting.

  4. Davy on Wed, 7th Nov 2018 5:15 pm 

    LOL, dirty juan didn’t like my last comment. Did that hit the spot, dirty uneducated Juan? I think the reason juan doesn’t post ideas because he finds the experience of me rubbing his nose in his lame positions disagreeable. What he does instead is play dirty. Not much intelligence in dirty.

  5. Davy on Wed, 7th Nov 2018 5:26 pm 

    I get real mad when people expose me as the hypocrite that I am.

    Getting mad is much easier than being honest with myself, and I’m sure as hell not fooling anyone else.

  6. JuanP on Wed, 7th Nov 2018 5:32 pm 

    Can anyone understand the three comments above? LOL! You are losing it, buddy!

  7. JuanP on Wed, 7th Nov 2018 5:36 pm 

    Though I think that Davy’s multiple personalities are short circuiting or something, I do appreciate this brief attacks of honesty and humility that he has been displaying later, as seen above.

  8. Davy on Wed, 7th Nov 2018 5:37 pm 

    NUTTER ALERT JUANPEE IDENTITY THEFT !!!!!
    Davy on Wed, 7th Nov 2018 5:15 pm
    Davy on Wed, 7th Nov 2018 4:37 pm
    JuanP on Wed, 7th Nov 2018 5:32 pm

  9. JuanP on Wed, 7th Nov 2018 5:38 pm 

    Davy “I get real mad when people expose me as the hypocrite that I am.
    Getting mad is much easier than being honest with myself, and I’m sure as hell not fooling anyone else.”
    I am disarmed by your honesty, Davy. You are making progress.

  10. Davy on Wed, 7th Nov 2018 5:45 pm 

    Thanks Juan. I have brief moments of sanity.

  11. Davy on Wed, 7th Nov 2018 5:46 pm 

    DIRTY JUAN IDENTITY THEFT
    Davy on Wed, 7th Nov 2018 5:26 pm I get real mad when people expose me as the hypocrite that I am.

    DIRTY JUAN MULTIPLE PERSONALITY
    JuanP on Wed, 7th Nov 2018 5:32 pm Can anyone understand the three comments above? LOL! You are losing it, buddy!

    DIRTY JUAN BEING CUTE AND CLEVER
    JuanP on Wed, 7th Nov 2018 5:36 pm Though I think that Davy’s multiple personalities are short circuiting or something, I do appreciate this brief attacks of honesty and humility that he has been displaying later, as seen above.

    DIRTY JUAN IDENTITY THEFT
    Davy on Wed, 7th Nov 2018 5:37 pm NUTTER ALERT JUANPEE IDENTITY THEFT !!!!!
    Davy on Wed, 7th Nov 2018 5:15 pm
    Davy on Wed, 7th Nov 2018 4:37 pm
    JuanP on Wed, 7th Nov 2018 5:32 pm

    DIRTY JUAN REAL PISSED
    JuanP on Wed, 7th Nov 2018 5:38 pm Davy “I get real mad when people expose me as the hypocrite that I am. Getting mad is much easier than being honest with myself, and I’m sure as hell not fooling anyone else.” I am disarmed by your honesty, Davy. You are making progress.

  12. Davy on Wed, 7th Nov 2018 5:50 pm 

    LOL, THE NUTTER CAN’T STOP BEING DIRTY WITH IDENTITY THEFTS. nasty juan

    Davy on Wed, 7th Nov 2018 5:45 pm Thanks Juan. I have brief moments of sanity.”

  13. Эй, братья, пожалуйста, ударьте антиамериканскую собаку, которую я сделал из гранитного форума on Wed, 7th Nov 2018 5:53 pm 

    above are not supertard obv.

  14. Davy on Wed, 7th Nov 2018 5:55 pm 

    obv. I never lose my shit.

  15. makati1 on Wed, 7th Nov 2018 5:56 pm 

    Davy has not realized that writing style makes it easy to see who is whom here. I don’t bother to read most of those tagged “Davy”. Even the real ones are a waste of time. I no longer read most of the comments as they are not worth a rebuttal. It was a good site five years ago, before Davy fucked it up.

  16. Davy on Wed, 7th Nov 2018 5:58 pm 

    “Davy on Wed, 7th Nov 2018 5:55 pm obv. I never lose my shit.”

    dirty nasty juan identity theft

  17. Davy on Wed, 7th Nov 2018 6:02 pm 

    “Davy has not realized that writing style makes it easy to see who is whom here. I don’t bother to read most of those tagged “Davy”
    LMFAO, sure you do billy. You read everything I write but act like you don’t. You especially read my comments that rub your nose in your lame comments.

    “It was a good site five years ago, before Davy fucked it up.”
    LMFAO AGAIN. The nice thing is you are almost gone billy. dirty juan won’t last much longer either. Both of you are irrelevant and your anti-American message a failure. Your gang is all but disbanded. You and dirty Juan belong together billy as the last of the worst. Both loathsome individuals destine for mental breakdowns.

  18. Anonymouse on Wed, 7th Nov 2018 6:08 pm 

    NUTTER ALERT. The exceptionalturd is making his usual, delusional, over-the-top posts claiming it was ‘identity theft’, and blaming JuanP for it. Needless to say his constantly braying “JuanP did it”, is as fact-free as the rest of his insane ramblings.

  19. Davy on Wed, 7th Nov 2018 6:18 pm 

    where have you been dumbass. I am slaughtering your gangbangers. anonymouse you are more relevant than ever. When is the last time you had even a little idea you could talk about. LOL, your idea of intelligence is being a sock puppet detective.

  20. makati1 on Wed, 7th Nov 2018 6:26 pm 

    Anon, Davy likes to put words into other people’s mouths so they say what HE wants them to say. Insanity in so many ways! Arrogance over the top. Obvious to all here.

  21. Davy on Wed, 7th Nov 2018 6:28 pm 

    there you go billy reach out to anon for support. LMFAO. This has been a fun.

  22. Anonymouse on Wed, 7th Nov 2018 7:17 pm 

    I see his delusions, and those of his sock-puppets, are as a vivid as ever mak. Apparently, the delusionalturd has been busy ‘slaughtering’ you all. Have not actually seen anything that could be remotely construed as that occurring, but, things like….reality, have never slowed the delusionist down before, have they?

  23. makati1 on Wed, 7th Nov 2018 7:43 pm 

    Anon, the dictionary definition of insanity could use Davy’s picture and psychological delusions as a perfect example. Amazing that he has not been put away already. But then, there are a lot like him in America. Millions. That is why the country is going down.

  24. I AM THE MOB on Wed, 7th Nov 2018 7:45 pm 

    A lot of what drives alt-right misogyny and racism is tremendous amounts of sexual resentment towards their own failures with women. Their entire ideology is about subjugating women to their white boy whims. They’ve been taught since boyhood that they have the right to respect and the right to sex and, when, surprise surprise, men of color outdo them in every respect, they lash out. The same thing that drove a lot of middle-class resentment towards the Jewish population during the 20s.

  25. Darrell Cloud on Thu, 8th Nov 2018 7:10 am 

    Mob all I can say is that I have been married to the same woman for 41 years and my five beautiful kids made the cover a magazine.

  26. I AM THE MOB on Thu, 8th Nov 2018 7:54 am 

    “We Know Where You Sleep At Night”: Antifa Mob Targets Tucker Carlson At Home

    https://www.hollywoodreporter.com/news/fox-news-host-tucker-carlsons-home-targeted-by-protesters-1159324?fbclid=IwAR1xkp0PZBixauK-5su-wsB8-KJThn4GfXMx7jsVCYCVE8hyRi-Ys6wpQ4c

  27. Davy on Thu, 8th Nov 2018 8:15 am 

    “A lot of what drives alt-right misogyny and racism is tremendous amounts of sexual resentment towards their own failures with women.”

    MOB, what drives extremist liberals to preach killing whities and breeding their daughters like you say constantly. What a friggin moron. We don’t need your political opining here you slimeball.

  28. I AM THE MOB on Thu, 8th Nov 2018 9:46 am 

    Trump is breaking all kinds of records..

    Record mass shootings.
    Record drug deaths.
    Record hate crimes.
    Record retail store closures.
    Record low babies born.

    Are you tired of winning?

  29. I AM THE MOB on Thu, 8th Nov 2018 9:47 am 

    Davy

    Did I hit a nerve?

    LMFAO!

  30. Cloggie on Thu, 8th Nov 2018 1:20 pm 

    “Mother Russia is going to be annihilated soon..”

    What are you waiting for? Perhaps the realization that you would be annihilated too?

    Oh, and the NATO rehearsel just ended. Against your prediction, nothing happened.

  31. Cloggie on Thu, 8th Nov 2018 1:32 pm 

    “The same thing that drove a lot of middle-class resentment towards the Jewish population during the 20s.”

    Yes, with desastrous consequences for your tribe in Europe. You could even go so far that, viewed in the long term, Europe, in a certain sense, won WW2. Because Hitler, and later Stalin in the USSR, managed to deport most. Now America has the problem and faces a wrecked society. Europeans and Russians merely need to lean back and wait for the moment when the termites of world history (your tribe) have brought US society into social collapse.Then we merely need to move in and pick up the pieces. You are about to destroy your own powerbase.

  32. Davy on Thu, 8th Nov 2018 1:59 pm 

    Not me above

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