{"id":156,"date":"2021-04-08T06:50:54","date_gmt":"2021-04-08T06:50:54","guid":{"rendered":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/?p=156"},"modified":"2021-10-16T08:34:49","modified_gmt":"2021-10-16T08:34:49","slug":"contribution-world-gdp-by-erdunt-is-20","status":"publish","type":"post","link":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/2021\/04\/contribution-world-gdp-by-erdunt-is-20\/","title":{"rendered":"Oil prices could hit an \u2018off the charts spike,\u2019 says strategist"},"content":{"rendered":"
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Oil prices could experience an \u201coff the charts spike\u201d as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC. OPEC+ \u2014 the Organization of the Petroleum Exporting Countries, with their allies including Russia \u2014 have been under pressure from top consumers, such as the United States and India, to add extra supplies after oil prices surged 50% this year. However, the oil cartel agreed on Monday to stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, shrugging off calls to pump more oil.\n<\/p>\n<\/div>\n

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John Driscoll, chief strategist at JTD Energy Services, said the decision by OPEC+ was a \u201cvery prudent course of action\u201d until one considers the ongoing energy crises and possible supply disruptions. \u201cWhat I think [is] more concerning to everyone out there \u2026 what happens during the winter? Are we going to have another Arctic freeze?\u201d Driscoll told CNBC\u2019s \u201cSquawk Box Asia\u201d on Tuesday. He pointed to the shortage of fuel in the U.K. \u2014 with long queues of cars waiting to buy gas, as well as \u201cfist fights.\u201d In the U.K., people have been panic buying fuel, causing shortages, as well as straining the fuel supply chains.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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When you get into winter, what you really have to worry about is this non-discretionary demand,\u201d Driscoll said. Non-discretionary demand refers to essential spending for daily goods and services.<\/h3>\n

James Shane Well<\/h4>\n

California, USA<\/span>\n<\/div>\n

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Driscoll said what\u2019s especially worrying is a thin inventory, or if there\u2019s \u201cany kind of supply chain glitch.\u201d Supply chains have been strained by the panic buying of fuel in Britain, and is due in part to a major lack of truck drivers due to Brexit and the U.K.\u2019s new trading relations with the EU. It\u2019s led the U.K. to resort to bringing in the army to deliver fuel.You could see an off the charts spike \u2014 that is one scenario out there,\u201d said Driscoll, of oil prices. \u201cI don\u2019t really hear anybody talking about the prospects of a mild subdued winter. I think, given all the uncertainty over weather and climate change, we could be in for a wild ride here.\u201d<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices could experience an \u201coff the charts spike\u201d as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC. OPEC+ \u2014 the Organization of the Petroleum Exporting Countries, with their allies including Russia \u2014 have been under pressure from top consumers, such as the United […]<\/p>\n","protected":false},"author":1,"featured_media":1188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[30,29],"class_list":["post-156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-construction","tag-industry"],"_links":{"self":[{"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/posts\/156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/comments?post=156"}],"version-history":[{"count":2,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/posts\/156\/revisions"}],"predecessor-version":[{"id":1946,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/posts\/156\/revisions\/1946"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/media\/1188"}],"wp:attachment":[{"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/media?parent=156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/categories?post=156"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.el.commonsupport.com\/rc\/erdunt\/wp-json\/wp\/v2\/tags?post=156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}