Brace for oil prices to spike toward $100 a barrel with OPEC's cuts set to squeeze supply in time for driving season, energy analyst says
The surprise move last weekend by the Organization of Petroleum Exporting Countries and its allies to slash oil output will squeeze supply in time for the summer driving season - which will likely boost oil prices toward $100 a barrel, an energy analyst said.
"The key thing here is Saudi wants higher prices, and they've basically said $95 is what they aspire to. They haven't specifically said that, but that's what we're kind of led to understand. So I think that would be the next target, definitely," analyst Paul Sankey toldBrent crude prices, the European benchmark, has rallied more than 20% from a 15-month low reached in March, and traded near $85 per barrel at last check on Wednesday.
"You have the natural rise in demand here because of seasonality. So you go into driving season in the US, you also have a lot of refineries to come back online. They're going to suck up more crude. So the crude market will be tightening naturally, seasonally," he said. "We really only have growth in Guyana outside of OPEC+ and almost nothing else to speak of.
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