An oil CEO says crude prices could surge 90% to $70 by fall because US firms have 'over-cut production'
GOLDMAN SACHS: Buy these 15 stocks for powerful profit growth after a historic rally leaves the market with little room for errorHe said: "I think [the OPEC] is going to extend the cuts, but nobody wants to see downward pressure.
" He added: "If the compliance was 74% in May, the world is going back to work and the lockdown restrictions are getting eased, I think you are going to see the weaker players have a strong incentive to cheat."The survey showed Nigeria made only 19% of the promised reduction, while Iraq met 38% of its compliance obligations, still lower than its Gulf peers. Eberhart said tensions between the US and China are more likely to hurt the US oil market than the Chinese one. "Chinese have been very strategic in building up a petroleum reserve over the last few years. They are better prepared to withstand any kind of war or that reduces supply. Chinese are ready to withstand that type of shock whereas they were not five years ago."prices perform for the rest of the year." US prices turned negative for the first time in history in April but they have something which had caused jitters worldwide and prompted an emergency OPEC meeting and OPEC production cuts to kick in earlier than expected. Prices have largely recovered since, with both benchmarks trading in the high-$30s as of Thursday morning.
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