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Oil will crash to $10 a barrel with electric vehicle revolution, strategist says

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On Thursday, the International Energy Agency said the global outlook for oil markets in 2018 could put a dampener on hopes for higher prices. In its closely-watched report, the IEA said global stock builds, rising non-OPEC production and static oil demand could weigh on the oil price.

The IEA’s latest monthly report was published amid optimistic forecasts from the major oil producer group OPEC, with the cartel arguing there was evidence of the global oil market rebalancing following several years of low prices.

The price of oil collapsed from almost $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production. OPEC’s reluctance to cut output was also seen as a key reason behind the fall. The oil cartel soon moved to curb production – along with other oil producing nations – in late 2016.

Brent crude traded at around $57.39 a barrel Friday morning, up 2 percent, while U.S. crude was around $51.50 a barrel, up 1.8 percent.

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Article originally posted at www.cnbc.com

8 thoughts on “Oil will crash to $10 a barrel with electric vehicle revolution, strategist says

    David Haertnagel

    (January 23, 2018 - 8:56 pm)

    And these are good news, cuz no1 really wants to keep on dealing with people who are beheading others on the marketplace.

    Mark Rhodes

    (January 23, 2018 - 8:56 pm)

    The sooner we get away from countries controlling the world’s supply of anything, the better.

    Jeromy Perez

    (January 23, 2018 - 8:56 pm)

    That will be a huge boon to western countries.

    Gabriel Julius Cornelius Halát

    (January 23, 2018 - 8:56 pm)

    There were very nice sci-fi books on this topic already in 60ties 😆😎

    Robert Heywood

    (January 23, 2018 - 8:56 pm)

    Such a shame, those hardworking OPEC executives

    AP Capital

    (January 23, 2018 - 8:56 pm)

    No more burning Fuels to the Atmosphere

    Peter Anker

    (January 23, 2018 - 8:56 pm)

    That’s the plan. 😈

    John Hicks

    (January 23, 2018 - 8:56 pm)

    Hope so

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