Home | Goldstreet Business
Monday, January 30, 2023
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business Oil and Gas

Geopolitical risk premium could send Oil Prices to $120

February 11, 2022
in Oil and Gas, Top Stories
0
$90 Oil is only the beginning
Share on FacebookShare on Twitter

There are already plenty of oil bulls out there, but another one has just joined them. Strategist David Roche said this week oil could hit $120 per barrel in case of a Russian invasion in Ukraine.

The Ukraine situation has been in the spotlight for weeks now, and one might argue that if Russia wanted to invade, it would have done so already, supporting the argument with the fact that Russia stands to gain nothing but risk a lot with such a move. On the other hand, it is a fact there are Russian troops and military equipment near the border with Ukraine, and this is naturally making not just Ukraine but Western Europe and the United States nervous, with the counter-argument being that Moscow is biding its time before it strikes.

RELATED POSTS

Policy rate increases to 28%; cost of loans to surge

Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

As a whole, the Ukraine situation has highlighted Europe’s dependence on Russian natural gas and its desperate attempts in the past couple of weeks to secure alternatives to this supply in case of a cutoff. But, like any major geopolitical event, an escalation in Ukraine would also affect oil prices.

“I think if there was an invasion of Ukraine and there were to be sanctions which impeded either Russia’s access to foreign exchange mechanisms, messaging systems and so on, or which prevented them from exporting their commodities, either oil or gas or coal, I think at that point in time you would most certainly see oil prices at $120 [a barrel],” Roche told CNBC this week.

The issue of sanction fallout, both for Europe and for the United States, has surfaced as a big potential problem: Russia is a major exporter to the European Union, but it is also a big exporter of crude oil to the United States, not to mention all big European and U.S. businesses that have Russian operations.

Yet while an invasion remains a potential development, there seem to be enough actual developments in the oil sector that could see prices top $100 per barrel. Supply remains tight, and traders remain worried about it even as the latest forecasts about U.S. production strike an upbeat note.

The Energy Information Administration, for instance, recently projected that U.S. crude oil production should rise to 12 million bpd this year and 12.6 million bpd—a record-high—in 2023. At the end of last year, HIS Markit’s Daniel Yergin forecast U.S. oil production could add 900,000 bpd a day this year. For context, according to the EIA’s latest weekly petroleum report, production averaged 11.6 million bpd last week.

Other non-OPEC producers could also see higher production this year, including Brazil and Canada, but the situation in OPEC itself is a little more complicated. Most of the cartel’s members are having trouble boosting production as much as their new quotas call for. This has become the main reason for bullish oil price forecasts, in fact, as it has combined with strong—stronger than the IEA expected—demand for the commodity.

Only a handful of OPEC members can afford to add more barrels to total output. For now, those select few are demonstrating a reluctance to do so. Pressure from consuming countries will continue rising, however, with the White House saying this week that “all options were on the table” with regard to trying to rein in prices, including talks with oil-producing countries.

“Nobody should hold back supply at the expense of the American consumer, particularly as the recovery from the pandemic continues and oil producers around the world have the capacity to produce at levels that match demand and reduce the high prices.”

Russia is one of the producers struggling to boost production, but forecasters are noting this may change later in the year. In the current supply context, handling the Ukraine situation without causing a global commodity-fueled economic crisis becomes even trickier.

facebookShare on Facebook
TwitterTweet
Source: Oilprice
Tags: Oil Prices
ShareTweetShare

Related Posts

Economy Picks Up

Policy rate increases to 28%; cost of loans to surge

January 30, 2023
Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

January 30, 2023
GhanaWeb partners with Maxwell Investments Group on entrepreneurship-based content

GhanaWeb partners with Maxwell Investments Group on entrepreneurship-based content

January 26, 2023
The next “AMAZON” in Africa will need a Functioning Address System

The next “AMAZON” in Africa will need a Functioning Address System

January 23, 2023
NCA grants provisional approval for the sale of Vodafone Ghana to Telecel

NCA grants provisional approval for the sale of Vodafone Ghana to Telecel

January 17, 2023
Next Post
Government suspends 20% of expenditure in approved 2022 budget

Ghana, 4 others face debt risks over next 2 years – Standard Bank Group

Bawumia Vindicated As ICAO Affirms Ghanacard As E-Passport

Bawumia Vindicated As ICAO Affirms Ghanacard As E-Passport

Discussion about this post

Archives

<
January 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Economy Picks Up

Policy rate increases to 28%; cost of loans to surge

January 30, 2023
Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

Gulf Technology Systems, Ghana To Collaborate On Agricultural and Industrial Projects

January 30, 2023

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.