Oil could hit $100/bl next year
Trafigura sees demand recovery driving oil rally
The trader raises the possibility of $100/bl crude next year
“The current [backwardated] structure of the market is absolutely telling you that the market is hungry for oil.” So says Saad Rahim, chief economist at Singapore-headquartered trading house Trafigura, in an interview with Bloomberg TV. And he predicts that crude could hit three figures in the next 12-18 months. “We have moved from a situation where the recovery was China-, manufacturing- and goods-led… to something that is more US-, Europe services- and experiences-led. Everyone is out there hitting the road and taking to the skies again. You are seeing a very strong demand recovery,” Rahim continues. And this rebound is allowing traders to shrug off previous concerns about what Rahim calls
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
