04 /12 Closing Prices / revised 04/12 2024 21:59 GMT 04/11   OPEC Basket    $90.62 +0.24  | 04/11   Mexico Basket (MME)   $79.22   +0.60  | 02/12    Venezuela Basket (Merey)  $67.27  +0.77  | 04/11    NYMEX WTI Texas Intermediate May CLK24   $85.66  +0.64 | 04/11    ICE Brent June  BRNM24      $90.45  +0.71    | 04/11     NYMEX Gasoline May RBK24   $2.80   +.1%   |  04/11   NYMEX  Heating Oil May  HOK24   $2.69  +1 %   | 04/11     Natural Gas May NGK24    $1.77  +0.3% | 04/12    Active U.S. Rig Count (Oil & Gas)    617   -3  | 04/12    USD/MXN Mexican Peso  16.6441  (data live) | 04/12    EUR/USD    1.0643  (data live)  | 04/15      US/Bs. (Bolivar)   $36.29470000 ( data BCV)  

Oil May Hit $100 Amid China Reopening, Iran’s OPEC Official Says – Bloomberg

An offshore oil platform in the Persian Gulf’s Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.
An offshore oil platform in the Persian Gulf’s Salman Oil Field, operated by the National Iranian Offshore Oil, near Lavan island, Iran. (Bloomberg)

Ben Bartenstein, Bloomberg News

RIYADH

EnergiesNet.com 02 09 2023

Oil prices may rise to $100 a barrel in the second half of the year as China’s economy emerges from anti-virus lockdowns, Iran’s liaison to OPEC said.

“We have some constraints in the market that could put pressure on prices,” Afshin Javan, Iran’s national representative to the OPEC producer group, said on the sidelines of the India Energy Week conference in Bengaluru. “I think oil prices could go to $100 per barrel.”

Oil prices traded near $84 a barrel in London on Wednesday after a rocky start to the year, as traders assess whether China can resume normal working life without suffering an overwhelming surge in Covid cases. Travel jumped during the Lunar New Year break, bolstering confidence in the outlook.

The Organization of Petroleum Exporting Countries and its allies, which have fixed production quotas for the year ahead after making sharp output cuts, will likely stick with its current policy, Javan said. OPEC+ opted to keep output levels unchanged at a monitoring meeting last week. 

“I think OPEC is moving in the right direction,” he said. The group is “in a really good and stable situation.”  

His comments echo those of other OPEC+ officials, who have said the group aims to stick with the current targets until the end of 2023, or at least until the alliance’s next in-person meeting in June. 

As national representative, Javan serves as part of Iran’s delegation to OPEC along with governor Amir Hossein Zamaninia, and reports to Minister Javad Owji.  

Iranian Deputy Oil Minister for International Affairs Ahmad Asadzadeh, also speaking in Bengaluru, said the country has huge gas reserves that could help meet the world’s energy needs if given adequate investment. Natural gas supplies became an urgent issue for consuming nations last year after Russia interrupted exports following its invasion of Ukraine.

“If we have more foreign investment in the domestic market we can really guarantee supply to other countries,” he said. “We’re ready to help everybody.”

bloomberg.com 02 08 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top