Crude may hit $80/bl this year—Montepeque
The oil market veteran sees further price upside
Demand strength in the US and China and a bullish storage picture should prime oil prices for further gains, even as high as $80/bl, according to Jorge Montepeque, president of challenger price reporting agency (PRA) General Index and formerly the influential head of markets at rival PRA S&P Global Platts. “The most important thing over the past year-and-a-half is that the price has jumped like nobody could have imagined,” says Montepeque. “The market has essentially gone up by 90pc. Imagine that, in the middle of the most cataclysmic shrinkage in demand, we have seen an increase in prices of 90pc in a year.” 10-15pc – US gasoline demand back above pre-Covid levels And he sees
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind