Gazprom Neft CEO: Oil Could Hit $45 This Year

April 16, 2020/in /by Rudolf Huber

Oh yes – they want that. They need that. In fact – things are going to blow if its any less than that. Thats what Putin expected to get to when he started the row together with the Saudis. And then, COVID-19 hit us and threw all the plans into a jumble. Now we are way below any comfort zone for Russia. But their deals are not going to get them there. Even if they up the ante, it will take a long time for the glut to clear. Even if the world cuts way more than the 30 MMbbl/d in demand destruction, storage is almost overflowing. Getting this off the market would take time in any case. But we won’t get the cuts needed so we will hit a wall. A physical wall of oil. When nobody can take oil anymore, markets will rout. Maybe not for long but they will. And Trump will follow his instincts and protect the US. This means tariffs. Pushing international prices into the abyss. Enjoy …

Gazprom Neft CEO: Oil Could Hit $45 This Year | OilPrice.com

If US states ease lockdowns and oil demand improves, oil prices could recover to $40-$45 a barrel by the end of this year according to Gazprom chief Dyukov

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