Tightening Supplies Raises Oil Prices $BRENT $WTIC
Global oil supply effects every country especially when its running low. Without certain countries being able to make up the difference it can only get worse. lets look at what that could mean to the price of oil.
Tightening oil production worldwide could mean prices hitting $148 per barrel this summer, Texas billionaire investor T. Boone Pickens said Tuesday.
Not even spare capacity from Saudi Arabia would be enough to make up the difference amid increasing sanctions against Iranian oil, Pickens said in an interview on “The Kudlow Report.”
“It’s tight now. That’s why you have Brent North Sea $126 and you’ve got WTI at $105,” he said. “Global supply is tight. No, I don’t think they can can cover. If they do, they’ll cover it out of storage.”
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