Oil could hit $100/bl next year
Trafigura sees demand recovery driving oil rally
The trader raises the possibility of $100/bl crude next year
“The current [backwardated] structure of the market is absolutely telling you that the market is hungry for oil.” So says Saad Rahim, chief economist at Singapore-headquartered trading house Trafigura, in an interview with Bloomberg TV. And he predicts that crude could hit three figures in the next 12-18 months. “We have moved from a situation where the recovery was China-, manufacturing- and goods-led… to something that is more US-, Europe services- and experiences-led. Everyone is out there hitting the road and taking to the skies again. You are seeing a very strong demand recovery,” Rahim continues. And this rebound is allowing traders to shrug off previous concerns about what Rahim calls
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
