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Oil Prices at $100 ‘Easy’ Argument Starting in 2023, Sankey Says

  • Crude releases from US stockpile have put cap on price gains
  • Level of US exports is ‘terrible energy security policy’
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WATCH: Paul Sankey says it’s easy to see oil at $100 starting next year.Source: Bloomberg

While crude prices may have softened in the last few weeks, there’s a strong case to be made for $100 oil starting next year, according to veteran industry analyst Paul Sankey.

“It’s easy to argue for $100 oil on an ongoing basis starting in 2023,” Sankey said in a Bloomberg Television interview, referring to the price of the global oil benchmark Brent. “I don’t think you’ll do much above $150 over time simply because the demand elasticity, the effect of the strong dollar, combined with that kind of oil price, will hold you below that level.”