EnergyWatch

Gunvor projects cap on oil price hikes in 2019

The world's leading petrostates are not interested in oil prices becoming too high, says oil trader Gunvor, which expects that scrubbers will secure continued high demand for high-sulfur fuel oil.

The world's leading oil-exporting countries are not interesting in the price of oil becoming too high and will cap oil prices around USD 75 dollars per barrel in 2019, according to an evaluation from one the world's largest oil traders, Gunvor, Reuters reports.

"Except for a few nations which are perhaps less important than Russia and Saudi Arabia volume-wise, I don't see anybody wanting USD 85 oil," says Gunvor Chief Executive Torbjörn Törnqvist, as cited by Reuters.

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