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Crude may rise to $100 a barrel by 2019 due to sanctions on Iran: Merchants

Almost 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the US sanctions against Iran by the end of the fourth quarter this year

Reuters  |  Singapore 

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prices could rise towards $100 per barrel by 2019 as US sanctions against Iran tighten markets, commodity Trafigura and Mercuria said on Monday at the annual Asia Pacific Petroleum Conference (APPEC) in Singapore.

Almost 2 million barrels per day (bpd) of could be taken out of the market as a result of the US sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a price spike to $100 a barrel possible.

Ben Luckock, co-head of trading at fellow merchant Trafigura said prices could rise to $90 per barrel by Christmas and to $100 by the New Year as markets tighten.

First Published: Mon, September 24 2018. 10:48 IST
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