Scottish oil heading for $60 per barrel with further increases inevitable

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(c) businessforscotland.com

On May 30th, 2017, I wrote:

According to Yasushi Kimura, president of the Petroleum Association of Japan, and chairman of petroleum conglomerate JXTG Holdings:

‘In 2017, global demand is likely to exceed supply … and crude prices are likely to … rise toward $60 by the end of the year.’

https://www.oilandgaspeople.com/news/14313/opec-oil-cut-extension-renews-asias-crude-supply-worries/

See this:

http _com.ft.imagepublish.prod.s3.amazonaws.com_14d62348-a269-11e7-b797-b61809486fe2

Kimura looks like being correct as Brent prices are holding at $59 per barrel and it’s only September.

This may turn out to be a conservative guess. See:

‘According to investment bank Cantor Fitzgerald Europe Oil could hit $60 a barrel by the year end if the OPEC pact to curb oil output is extended. The OPEC pact has already been agreed to end 2017 with signs it might be expected to hold up into 2018 and even exceed that figure to £70. These are well above profitability levels.’

https://thoughtcontrolscotland.com/2017/05/24/scottish-oil-to-hit-60-per-barrel/

Later in July, I wrote:

Will Scotland’s oil hit $100 (or more?) a barrel again after 2020?

I wouldn’t bet against it.

 

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3 thoughts on “Scottish oil heading for $60 per barrel with further increases inevitable

  1. gavin September 30, 2017 / 11:04 am

    Just as every cloud has a single lining, so any good news is greeted on BBC North Britain with a *BUT*………………………………!

    Like

  2. gavin September 30, 2017 / 11:06 am

    *BUT*…………………………………the cost of petrol.

    Like

  3. gavin September 30, 2017 / 11:06 am

    *BUT*……………………………a blow to industry.

    Like

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