‘See crude oil prices in range of $75 – $80 a barrel for next 18 months’

‘See crude oil prices in range of $75 – $80 a barrel for next 18 months’

Rising prices are starting to threaten oil demand in Asia, especially in a country like India, which is starting to feel the pressure more than others. India could feel the pinch with both Venezuelan and Iranian crude, which is also of the heavier sourer variety, coming off the market, says London – based PAUL HICKIN, associate director at S&P Global Platts in an interview with Puneet Wadhwa. Edited excerpts:

Can you indicate a broad range where you see oil prices at by December 2018-end?

S&P Global Platts Analytics has forecast a $75 – $80 a barrel range for the next 18 months, but that doesn’t tell the broader risks to this story.

Oil supply outages are casting a lugubrious shadow over Iran, Venezuela and Libya in particular. Venezuela’s already steep decline shows no sign of ending, with the OPEC survey from S&P Global Platts putting production down at 1.30 million barrels per day (b/d) for June, the lowest in the history of the survey, except for a strike in late 2002 and early 2003 that crippled the industry. Read More

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