Goldman Sachs says crude could spike by $20 on Iran oil shock | |
Oil prices could shoot up $20 per barrel if Iranian production sees a hit, according to Goldman Sachs. U.S. crude futures rose around 5% on Thursday and ticked higher again Friday morning on concerns that Israel could strike Iran’s oil industry in retaliation for Tehran’s missile attack this week. It is estimated that “if you were to see a sustained 1 million barrels per day drop in Iranian production, then you would see a peak boost to oil prices next year of around $20 per barrel,” Daan Struyven, Goldman Sachs’ co-head of global commodities research, told CNBC’s “Squawk Box Asia” on Friday. This is under the assumption that oil cartel OPEC+ refrains from responding by increasing production, Struyven said. Should key OPEC+ members such as Saudi Arabia and UAE offset some of the production losses, oil markets could see a smaller boost of slightly less than $10 barrel, he added. Since the Israel-Hamas armed conflict began on October 7 of last year, there had been limited disruptions to the oil market, with prices remaining under pressure due to increased production from the U.S. and sluggish demand from China. SEA LINE GROUP DILKAP CENTRE, 501, SAKINAKA - KURLA ROAD, NEXT TO AAKRUTI RESIDENCY, SAKINAKA, ANDHERI (EAST),MUMBAI-400072 Tel : + 91 8655075186 / 8655012282 Email : roni@seajob.net Get More Info : https://www.seaandjob.com/goldman-sachs-says-crude-could-spike-by-20-on-iran-oil-shock/ Website : www.seajob.net | |
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| Target State: All States Target City : MUMBAI Last Update : Oct 07, 2024 6:19 AM Number of Views: 36 | Item Owner : Roni Abraham Contact Email: Contact Phone: 08655012282 |
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