Oil CEO says prices are more likely to hit $90 than $40 during 2019

I don't have too much to add to this article.  Unless you are new here, you have probably already seen my ad nauseum comments last year about my hope for an average of $70 oil [Brent] this year, and that $90 and $40 oil are not sustainable long term.

Oil CEO says prices are more likely to hit $90 than $40 during 2019

Oil prices should sit around the $60 to $80 a barrel range throughout 2019 with volatility set to remain in the energy markets, Crescent Petroleum's chief executive told CNBC Thursday.

Speaking at the World Economic Forum (WEF) in Davos, Majid Jafar, CEO of the United Arab Emirates-based oil and natural gas producer, said prices were subject to huge fluctuations and predicting prices was as hard as it had ever been.

"(Prices are) the most volatile in 30 years. That's partly because of certain tweets but also because there isn't much spare capacity and that's where you see volatility," he said.  ...

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I suspect a lot of Middle Eastern oil executives talk about their hopes and wishes as if they are facts or high-degree probabilities. It's amusing.

  • Haha 1

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