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<Commodity>Citi: Oil Prices May Reach US$90 If Iranian Production Disruption Lasts for Mths
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If hostilities between Iran and Israel escalate, leading to a disruption of Iran's daily oil exports of 1.1 million barrels, the prices of Brent oil could be approx. 15-20% above pre-conflict levels, reaching around US$75 to US$78 per barrel, Citi Research published a research report saying. Iran is OPEC's third-largest oil producer, with a daily output of about 3.3 million barrels, Citi Research added. If the production disruption lasts for several months, oil prices could be boosted to US$90 per barrel. Currently, the market is concerned that Iran might close the Strait of Hormuz. The broker believed that the impact would be temporary, as all parties would focus on a quick reopening. Furthermore, due to the current higher oil prices and reduced Chinese purchases, the impact of Iranian oil export disruptions on oil prices might be less than expected. AASTOCKS Financial News Website: www.aastocks.com |
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