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G Sachs: Iran Crisis Could Trigger US$20/ Barrel Surge in Crude Oil Prices
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Israel's retaliatory actions could impact Iran's oil production, Daan Struyven, Co-Head of Global Commodity Research at Goldman Sachs, noted. If production continues to decline by 1 million barrels per day and OPEC+ does not lift production, oil prices are expected to rise by US$20 per barrel. New York oil futures and Brent oil futures reached new highs since late August with a surge of about 5% overnight (3rd), but slightly softened with a drop of nearly 0.3% today (4th). If major OPEC+ members like Saudi Arabia and the UAE ramp up production to offset some of the production losses, Struyven said the oil price hike might be slightly less than US$10. BMI, a company under Fitch Solutions, stated that if a full-scale war breaks out, Brent oil futures could soar above US$100 per barrel. If the Strait of Hormuz, a key Middle Eastern oil transport route, is closed, oil prices could at least reach the US$150 level. AAStocks Financial News |
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