Citi Says Trump and War Could Help Drive Oil to $80
- OPEC disruptions led by Iran, Iraq may rise to 3m b/d in 1H
- U.S. military actions over North Korea among bank’s wildcards
Goldman's Currie Sees Oil Prices 'Flat to Down'
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This year may be anything but staid for the oil market as Citigroup Inc. predicts wildcards including war, Middle East tensions, Donald Trump and Kim Jong Un driving crude toward $80 a barrel.
After prices were boosted by OPEC’s output curbs in 2017, the U.S. President has shifted the focus to geopolitical risks, with his pursuit of sanctions on Iran and North Korea potentially having significant consequences, the bank said. That’s in addition to political disturbances in some OPEC members like Iraq and Libya that could see crude supplies decline, boosting oil to levels between $70-$80, it said in a Jan. 9 report.