• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day An Indian Opinion on What is Going on in China
  • 12 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Why $80 Oil Won't Destroy Demand

Why $80 Oil Won't Destroy Demand

Global oil demand is recovering…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

$100 Oil Predictions Soar As Analysts Warn Of Supply Crisis

“Incredible demand,” inflation, and shareholder pressure on oil supermajors to drastically cut emissions could lead to an oil crisis within three years, with very high oil and gasoline prices, David Tawil, president of Maglan Capital, told Fox Business on Wednesday.

Tawil has been very bullish on oil for some time, and thinks that the prices could hit $100 per barrel soon.

In the near term, oil prices have more room to rise, both from inflationary standpoint but also from demand standpoint, he told Fox Business.

Oil prices are set to rise “consistently and considerably now into the end of the year,” Tawil said.

Moreover, supply from the oil supermajors could be also coming off, due to shareholder and environmental pressure. In the United States, the Environmental, Social, and Governance (ESG) concerns, as well as the U.S. Administration’s push toward renewables and away from fossil fuels, would also contribute to lower supply and lead to a supply crunch in coming years, according to Maglan Capital’s Tawil.

The world’s largest independent commodity traders are also bullish on oil, not ruling out $100 oil.

Although oil may not be headed to a new supercycle, prices still have room to rise from current levels because of a strong demand rebound and expected tightness in supply, top executives at Trafigura, Vitol, and Glencore said at the FT Commodities Global Summit earlier this week.

There is a chance for $100 oil, Trafigura’s CEO Jeremy Weir said, adding “You need higher prices to incentivize… and also maybe to build on the cost of carbon in the future as well. You also need to attract capital in the business.”

“Higher from here” for the next six months, Glencore's Head of Oil Marketing, Alex Sanna, told the same event.

Russell Hardy, CEO at the world's biggest independent oil trader Vitol, also said that $100 per barrel oil is "of course a possibility," but warned the overenthusiastic bulls that "we're in a slightly artificial market at the moment," as the OPEC+ group still has around 5.5 million barrels per day (bpd) to bring back to the market, by April 2022 per current plans.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on June 16 2021 said:
    There are indications that oil could be headed to a new supercycle. Since early December crude oil prices have staged an impressive comeback. Brent crude has shot up from $40 a barrel in early December to $74.19 a barrel today, a 7-month non-stop surge. The question is how high oil prices are destined to go this year and next.

    There are many powerful bullish factors currently at play prominent among them a global economy growing at 6.3%, one of its highest growth rates of recent times, a global oil demand virtually back to its pre-pandemic level of 101 million barrels a day (mbd) and a roaring Chinese economy growing this year at 8.3%.

    In view of the above, Brent crude could hit $80 a barrel anytime soon. But $100 oil is a different matter altogether. For this to happen, the global oil demand has to grow much further than now.

    Yet, Brent could hit $100 in the fourth quarter of 2022 or the first quarter of 2023 because of a supply deficit estimated at 10 mbd triggered by significantly reduced investments in developing new resources.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Hugh Jass on June 21 2021 said:
    It will be the biggest boom the industry has ever seen. Unfortunately there is a lack of experienced workers. 2 downturns made most older workers retire and younger mid careers go to different industries. Overseas employers are on the hunt already.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News