The oil lords say bargain prices could rise as high as $ 100 barrels | Business and Financial Issues

Officials at the world’s largest oil companies, speaking at the Qatar Economic Forum, said the low prices should continue due to a lack of funding.

Some executives of some of the world’s largest oil producers say that the price of cheap fuel should continue because the lack of money could lead to future problems.

Officials at Royal Dutch Shell Plc and TotalEnergies SE have teamed up with retailers and major banks to predict that oil could reach $ 100 a barrel, although they also say that difficult markets could bring prices back.

The shortage of funds “increases the availability and value of the economy as the economy recovers, and then over time we will see an increase in assets and prosperity,” says Exxon Mobil Corp. CEO Darren Woods at Qatar Economic Forum Tuesday. But “briefly maybe higher prices” is possible.

Commercial real estate Trafigura Group says oil could exceed $ 100 per barre next year. Bank of America Corp. also said this week that prices could drop by then and Goldman Sachs Group Inc. he said it does not stop it. Oil prices have risen 44% this year because the widespread vaccine is increasing mobility and boosting demand. Benchmark Brent trades did not change slightly at 2:55 pm in New York for $ 74.90 a barrel.

The global oil markets had one of the most difficult years in the history of last year with the coronavirus epidemic that sends prices of degradation. But the western economy is growing again, roads in Europe and the US are starting to fill up, and more Americans are flying. While this may cause prices to rise sooner rather than later, energy changes mean that fuel consumption can start to decline and decline temporarily.

Energy changes mean that there has not been enough funding for oil and gas projects and this could raise prices, Energy Minister Qadari Saad al-Kaabi said at the same event. BP Plc CEO Bernard Looney said last Tuesday that the non-profit rise helped the company’s energy transformation plans and make money and return to its shareholders.

“There are many opportunities” to reach $ 100 a barrel, “but we can see in the coming years lower prices,” said TotalEnergies CEO Patrick Pouyanne. “We’re used to being flexible.”

The Ministry of Commerce and Industry in Qatar, the Investment Promotion Agency Qatar and Media City Qatar are co-sponsored by the Qatar Economic Forum, sponsored by Bloomberg.

(Changes and price of oil in paragraph 4.)
-I assisted by Verity Ratcliffe.