$90 per barrel oil is more likely than $40 per barrel oil.
That’s according to Majid Jafar, CEO of Cresent Petroleum, who expressed the view in a television interview with CNBC on Thursday.
“I’m an optimist. I actually think there will be a [U.S.-China] trade deal. I actually think that despite some, you know, doom and gloom the world economy is still growing pretty well. I mean well north of three percent overall, north of six percent in China,” Jafar told CNBC in the interview.
“I think we’ll be in this $60 per barrel to $80 range, it will be volatile, but … I’d say $90 is more likely than $40,” he added.
In the interview, Jafar told CNBC that this is “probably one of the most difficult years to predict” and stated that “we’ve seen unprecedented volatility in the last few months”.
According to Wood Mackenzie’s latest price forecast, Brent will average $65 per barrel in 2019 and $68 per barrel in 2020. Earlier this month, analysts at Fitch Solutions Macro Research (FSMR) forecasted that the price of Brent will average $75 per barrel in 2019. FSMR analysts see the average price of Brent rising to $82 per barrel in 2020, $84 per barrel in 2021 and $85 per barrel in 2022.
Crescent Petroleum was founded in 1971 and is headquartered in the Emirate of Sharjah UAE. The company describes itself as the oldest and largest private upstream oil and gas company in the region