Trafigura Says Oil Could Hit $100 a Barrel Next Year

Recovery from pandemic is driving rebound in demand: Rahim
‘Structural underinvestment’ in production will push up prices

WATCH: Trafigura’s Saad Rahim considers when oil will top $100 a barrel.(Source: Bloomberg)

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By Andy Hoffman and Dani Burger

June 22, 2021 at 6:42 AM UTC

This article is for subscribers only.

Oil could top $100 a barrel in the next 12 to 18 months as the recovery from the pandemic drives a rebound in demand, according to Trafigura Group.

“The market is hungry for oil,” Saad Rahim, Trafigura’s global chief economist, said Tuesday in an interview with Bloomberg Television. The trading house joins a chorus of market-watchers predicting that crude could reach triple digits again in the right conditions.