HOUSTON, Oct 4 (Reuters) – Global crude oil prices could rise to $100 a barrel based on the OPEC+ decision on Wednesday to maintain supply cuts, the chief economist of Norwegian oil and gas company Equinor (EQNR.OL) said.
“I wouldn’t exclude that we can have prices reaching $100 a barrel, but that wouldn’t be because OPEC would like it to reach there. I don’t think they are aiming for that price,” Equinor Chief Economist Eirik Waerness said on the sidelines of the Baker Institute Center for Energy annual energy summit in Houston.
Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.
Oil prices, however, tumbled by more than 5% on Wednesday as concerns over the cuts were offset by demand fears, with global benchmark Brent crude futures trading around $86 a barrel.
Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.
Oil prices, however, tumbled by more than 5% on Wednesday as concerns over the cuts were offset by demand fears, with global benchmark Brent crude futures trading around $86 a barrel.
Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.
Oil prices, however, tumbled by more than 5% on Wednesday as concerns over the cuts were offset by demand fears, with global benchmark Brent crude futures trading around $86 a barrel.
