SINGAPORE: Oil prices could rise towards US$100 (RM413) per barrel by 2019 as US sanctions against Iran tighten markets, commodity merchants Trafigura and Mercuria said on Monday at the annual Asia Pacific Petroleum Conference (Appec) in Singapore.
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, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a crude price spike to US$100 a barrel possible.
Ben Luckock, co-head of oil trading at fellow merchant Trafigura said cC