Iran sees oil rebounding to $100/bbl in H2

Global oil prices may rebound to about $100 per barrel in the second half this year as Chinese demand recovers while supply remains limited, Iran’s OPEC representative Afshin Javan said on Wednesday.

His comments come after the International Energy Agency flagged China’s demand recovery earlier in the week.

“I think OPEC is moving in the right direction,” Javan told reporters, referring to the group’s decision in December to cut production. “Why OPEC did it was because it was not very optimistic about the demand side,” Javan said. China will need more oil after its reopening and tighten supplies again, he added.

Oil rose for a third straight day on Wednesday as investors felt more comfortable with a risk day after remarks from the Federal Reserve chairman eased their worries about future interest rate hikes.

Published in The Express Tribune, February 9^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.