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Dan Pickering explains oil market dynamics amid geopolitical tensions in 2024 on CNBC’s Street Signs Asia, offering insights into how these tensions are influencing oil prices and market stability.
Dan Pickering, CIO of Pickering Energy Partners, joins CNBC Street Signs Asia to discuss why he expects oil prices to remain ‘rangebound’ in 2024. Dan expects OPEC to extend cuts through 2024 and notes that "if we do see an upside move in prices, it's probably because something bad is happening in the world, primarily in the Middle East or the Russia-Ukraine crisis."
Oil futures don’t tell the whole story. The Iran war is tightening crude supplies, widening the gap between benchmark prices and what buyers actually pay.
Trump officials say the oil-market disruption is temporary, but Chevron’s Mike Wirth and others warn global supplies are running low, with no respite in sight
California diesel prices average $7.91 a gallon, with several stations charging over $9 and some pump displays hitting their $9.999 limit, GasBuddy reports.
Analysts warn the escalating Iran war could deepen global fuel shortages, push diesel prices higher and intensify inflation as energy supplies dwindle.
Chevron and SLB have signed major Venezuela oil deals, but political uncertainty and financial risks are keeping smaller Houston firms on the sidelines.
The oil outlook has shifted from potential surplus to sustained tightness—and Dan Pickering does not expect a quick return to the market that existed before the fighting in Iran began earlier this year.
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