Saturday, 04 December 2021 11:14 GMT

UAE Crescent Petroleum chief: oil to likely reach USD80


(MENAFN) Oil prices for this year were estimated by Sharjah-based Crescent Petroleum's CEO Majid Jafar to score an $80 increase.

"Unprecedented coordination, not just from within OPEC, but with non-OPEC" has made supply more strict, giving prices a chance to increase another $10 in the following months, the CEO noted during an interview with CNBC at the World Economic Forum.

The CEO then spoke about geopolitical events' possibly effect as he explained "the concern is, a shock like Venezuela, one country, with a major outage of production, could see a shock to prices, and, over the next few years, because of the huge underinvestment we had over the last few years."

He further added "the concern is, as global growth continues, and the balance happens in the market, you could see a shock upwards on oil prices."

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