Political Tension Could Impact Oil

As regional strife and political tension continue to grow in Iran, some in the oil industry speculate the price of crude oil could reach $100 per barrel by 2019.

Several investment banks and other companies have called for prices to climb to anywhere from $80 to $90 per barrel by next year.  Some, like Hong Kong-based Seismik Technology Co., have said they believe the price could go higher.  Prices have already gained nearly ten percent this past month and almost 20 percent since January.

Much of the speculation centers around the current political climate in Iran, the fourth largest member of the Organization of the Petroleum Exporting Countries (OPEC).  The Middle Eastern nation has added one million extra barrels of crude oil per day and could face sanctions.

 

Posted on May 17, 2018 at 1:14 pm

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