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Oil back to 90 - 100 dollars?

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• The price per oil drum has not been hit in the 90 - 100 dollar range since 2014. But according to energy expert John Kilduff is going to change this year. He predicts a price increase of 30 percent so that the oil price goes again to the 90 - 95 dollar.

• Will the oil price go back to the $ 90 this year? According to energy expert John Kilduff, it will happen within a few months, mainly due to the Iranian sanctions. Kilduff claims that the West Texas Intermediate (WTI) will make a 30 percent jump to 90-95 dollars this winter.

"The global market is tight and it's getting tighter, and the big strangle around the market is now what's in the process of happening with Iran and the Iran sanctions."

 

Sanctions

 

• The sanctions will reduce Iranian oil production, which will result in a lower supply side of oil. He reached that conclusion when the price for WTI oil broke through the $ 70 border last week. The energy expert expects the oil price to go to $ 75 in the coming weeks.

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• But compared to what lies ahead at the end of this year, this is still relatively cheap. Iranian exports are shrinking because refineries have to look for alternatives before American sanctions are active. Their oil stocks are affected by this.

"To the extent we're seeing the Iran barrels lost to the market, you're looking at a price in the $ 85 to $ 95 range, potentially."

 

• Kilduff also combines this scenario with the growing American economy. In other words, the supply and demand side of oil will suffer a slight shock. The expert sees this as a 'bullish' scenario for the oil market, as a result of which the prices will be raised.

Sources: CNBC