Goldman Sachs warns that oil prices could surge by $20 per barrel if Iran's oil supply is disrupted due to the Middle East conflict.
International crude oil prices could surge by $20 per barrel if Iran ’s oil supply drops in a possible escalation of the Middle East conflict, Goldman Sachs says. “If you were to see a sustained 1 million barrels per day drop in Iran ian production, then you would see a peak boost to oil prices next year of around $20 per barrel,” Daan Struyven, co-head of global commodities research at Goldman Sachs , told CNBC’s “Squawk Box Asia” on Friday.
“In theory, if we lost all Iranian production - which is not our base case - OPEC has enough spare capacity to make up for the shock,” Amrita Sen, co-founder of Energy Aspects, told Reuters this week. According to analysts, Saudi Arabia could be able to increase its oil production by about 3 million bpd and the UAE by 1.4 million bpd. Iran currently produces around 3.
Iran Middle East Conflict OPEC Goldman Sachs Supply Disruption Saudi Arabia UAE China Strait Of Hormuz
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