Brent crude oil hits $80 per barrel as Total threatens to quit Iran -Guardian
May 17, 2018
The Guardian
Given its strong rally over the last year, analysts are wondering how much higher oil could go.
Morgan Stanley have predicted that Brent will trade at $90 per barrel in 2020, thanks to increased demand for diesel (due to new anti-pollution rules on shipping) and jet fuel.
Bank of America Merrill Lynch is even more bullish. It estimates that oil could hit $100 per barrel next year, due to supply constrains from Iran (due to sanctions) and Venezuela (where political instability could hit supplies).
China could replace Total in Iran
Iran’s oil minister, Bijan Namdar Zanganeh, has revealed that state-owned Chinese oil firm CNPC is waiting in the wings, if needed.
https://www.theguardian.com/business/live/2018/may/17/brent-crude-oil-iran-total-ocado-gambling-business-live?CMP=Share_iOSApp_Other
Also
“But Iran’s biggest oil purchasers, China and India, may be less inclined to cooperate. They might even find opportunities to purchase additional barrels of oil from Iran, which has been pushing out more supplies in recent months. This could meaningfully diminish the effect of the sanctions.”
http://foreignpolicy.com/2018/05/15/leaving-the-iran-nuclear-deal-will-have-unintended-consequences/