The potential loss of 1 million barrels of Iranian crude from the world market and the ongoing decline of Venezuela’s oil sector could push oil prices beyond $100/b, Patrick Pouyanne, chairman and CEO of French oil major Total, said Thursday. “I would not be surprised to see $100/b in the coming months,” Pouyanne said during an appearance at the Center for Strategic and International Studies.
ICE July Brent traded Thursday as high as $80.18/b, the first time prompt Brent has been above $80/b since November 2014. Crude futures have backed off from intraday highs during early US trading hours, but remain higher day on day. At 1427 GMT, ICE July Brent was 63 cents higher at $79.91/b. NYMEX June crude was 41 cents higher at $71.90/b. Brent prices have not been above $100/b since September 2014.