• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 10 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 4 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 3 days NordStream2
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT

Breaking News:

California Gasoline Prices Are Spiking

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

Yergin: Oil Prices Could Go As High As $75 In 2022

The global oil demand recovery and a lot of spare capacity that OPEC+ has yet to bring back to the market suggest it is reasonable to expect that oil prices will trade between $60 and $75 a barrel one year from now, oil expert and IHS Markit Vice Chairman, Daniel Yergin, told CNBC on Tuesday.

“If we really do have the rest of the world recover, I think it’s reasonable to think that oil would be in that $60 to $75 range,” Yergin told the CNBC program “Street Signs Asia.”

Demand is set to rebound with the United States and China recovering strongly, but the oil production capacity that OPEC+ still keeps offline would probably offset any overshoots in prices, according to the oil expert.

“There’ll be offsetting pressures, and more supply would come in and we’d start to see the U.S. coming back into production again,” Yergin said, commenting on where prices will be one year from now.

The comments came one year to the day after U.S. oil prices turned negative. On April 20, 2020, the price of WTI Crude crashed below zero to close at -$37 a barrel—the first time the WTI Crude futures contract had fallen below zero since trading began in 1983. On April 21, 2020, the international benchmark, Brent Crude, crashed to below $10 a barrel—at $9.12 per barrel, its lowest daily price in decades.

Going forward, the economic recovery in the U.S. and China point to oil demand rebounding, although the uncertainty over Europe still hangs on the global demand recovery, Yergin told CNBC.

Oil could go to as high as $80 this summer, as Goldman Sachs forecasts, but then political pressure against $80 oil could emerge, Yergin noted.

For this summer, Goldman Sachs anticipates strong demand that would require OPEC+ putting another 2 million barrels per day (bpd) on the market in the third quarter, after the around 2 million bpd that the alliance and Saudi Arabia decided to return between May and July.

Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley said last week, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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