Global oil markets are starting 2022 with a number of factors that could make for another volatile year.
OPEC is continuing its monthly supply increases but taking a cautious approach so far given uncertain demand. A return of Iran barrels is not a sure thing as the nuclear talks stretch into a second year.
The US tapped the Strategic Petroleum Reserve in a big way at the end of last year, but that did little to soften prices.
Russia-Ukraine tensions are at the forefront geopolitically, and they have potential to exacerbate European and global energy prices.
We asked several oil market experts to weigh in on the same question: Will OPEC allow oil prices to reach $100/b in 2022?
We heard from:
• Helima Croft, head of global commodity strategy at RBC Capital Markets (1:32)
• Bob McNally, president of Rapidan Energy Group (3:57)
• Rachel Ziemba of Ziemba Insights (6:54)
• Dan Pickering of Pickering Energy Partners (7:52)
• Jacques Rousseau, managing director of ClearView Energy Partners (9:43)
• Ellen Wald, president of Transversal Consulting (10:44)
• Nareeka Ahir, geopolitical analyst for S&P Global Platts Analytics (13:18)
Stick around for Starr Spencer with the Market Minute on how US producers are looking at the year ahead.
This Capitol Crude podcast was produced by Meghan Gordon in Washington and Jennifer Pedrick in Houston.