Oil will crash to $10 a barrel with electric vehicle revolution, strategist saysv
Chris Watling, chief executive of Longview Economics, acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco's initial public offering (IPO) in the second half of next year.
And when he was asked about Saudi Arabia's state oil group being launched on the international stock market, he replied, "Well I think they need to get it away quick before oil goes to $10 (per barrel)."
Over the long term "what happens with electric vehicles is really, really important" given that around 70 percent of oil is used for transportation, he added.
Sam Meredith | @smeredith19
Published 3 Hours Ago
CNBC.com
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Oil prices are poised to crash to just $10 per barrel over the next six to eight years as alternative energy fuels continue to attract more and more investors, Chris Watling, chief executive of Longview Economics, told CNBC on Friday.
When looking ahead to 2018, Watling acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco's initial public offering (IPO) in the second half of next year. And when he was asked about Saudi Arabia's state oil group being launched on the international stock market, he replied, "Well I think they need to get it away quick before oil goes to $10 (per barrel)."
While Watling explained that he did not necessarily expect such an intense decline in oil prices over the coming weeks or months, he did argue that over the long term "what happens with electric vehicles is really, really important" given that around 70 percent of oil is used for transportation.
Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, November 30, 2016.
Heinz-Peter Bader | Reuters
Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, November 30, 2016.
"We forget don't we? I mean 120 years ago the world didn't live on oil. Oil hasn't always driven the global economy… The point is alternative energy in some forms is gathering speed (and) things are changing," he added.
The Longview Economics CEO forecast the price of oil would ultimately slump to $10 a barrel over the next six to eight years.
OPEC optimistic oil market rebalancing

On Thursday, the International Energy Agency (IEA) 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. But, 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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God bless you

taylor88:
OBO at ur level that's not supposed to be a news,




meanwhile how will that make buhari regain his erection



Aisha is complaining too much



I even heard he now sleeps while standing

new2020:
This one nah cake walk for US...Obama go tell Buhari, choose one: devalue Naira or We will openly push for Biiafra Independence and support with military option if need be. Want to end up like Gaddafi? Before him finish, Buhari go say...consider it done!

I assure you between God and man...Buhari will come back and devalue Naira.

Bust laugh pls don't kill me you too funny

hemucology:
Nice work


Contant me for latest P.O.P and cement work

Pls send me ur contact detail (fasasi23@yahoo.com )

RedCapChief:
Very soon, it will become clear that both parties in this matter are just playing a game; a game of chess.

Saraki is too big to go down like that. Too many powerful people are invested in him and they don't want him to lose

Confirm talk and more blessing for you and your family

blueto:

In football, when the services of a coach is hired and he fails to attain the objectives and goals of the Club or Country such as winning trophies, is either he honorably resigns or gets fired even before his contract runs out.

Buhari's case is analogous to this, but he seems to be resolute on maintaining his incumbency in bureau of presidency after entangling himself in botched dispensation.

Lol but is not like that with arsenal coach doesn't need to win trophies

mediachirps:
Come and take it.

Palace don take over lol

oluemmakay:
If he's actually here to help us fight terrorism... He shud be visiting Borno Governor... Abi dey re plannin anoda version of terrorism for Lagos stae??

God save your people...

Correct talk
Almighty God bless our lovely country

Dcaliphate:
Still waiting for Buhari's mindless promise to make N1=$1

You got it wrong
N1=$1000 lol

Kelklein:
it's only temporary!

In your dream

Adminisher:


Goodluck will sleep well. That man is an empty 'servant spirit'. If you look at him properly all you will see is empty chaffe. There is nothing in the guy

Aba weting Goodluck do u anyway I can't stop laughing
Thank for the comments I love it

bardmorz:
Abegi, LeaveTrashForLawma! Only God knows when d time will come and when d angel of death is coming, nobody knows.

Correct talk nice one

]Just one million all this our poor celebrities sef

Smh

Correct talk see as he's showing the receipt

Buy nice car with my atm card

TeOwl:
His middle name is Ole... it is possible BBC confused him with being Nigerian since all our top government officials, ministers and senators are Oles (thieves).

Nice on you too funny I like it

whitewitch:
@OP add marriage sex is very very sweet bcaus u dnt use condom, u go 4 flesh 4 flesh, but fornication sex is not sweet bcaus u use condom.

In addition with above people will start scare and thinking weather they got STD or not after fonicarion

medacares:
May God almighty. Continue to tear BH in to pieces.

Amen

hadizadeezy:
thank God man shitty lose, remain chelshit

For weting now

They should ask their Daughter, simple

Hello pls can you send some picture of your hand work to my email address(fasasi23@yahoo.com) cos I want to do some tile/Mabel in my new building, pls include the toilet/berth room tiles you do recently

Many thanks hope to hear from you soon

nice update

picture pls

i'm engineer FAS, my quotations its on the way to your email address you provide.

@ vitodorado
morning brother i just want to ask you if you dont mind to connect me to the people that do you toilet design and the tiles because i am about to start similar thing as well

have a good day

nice 1

https://www.youtube.com/watch?v=GCMhrhB0VMQ

@ Roforofo

hello brother please i just want to ask you a question

igbo,yoruba hausa we are all the same and we make nigeria

gift is a gift, just say thanks you to the bank after all is not part of your salary