As the global natural gas crunch hits suppliers and consumers alike, Organization of the Petroleum Exporting Countries (Opec) nations are warning of the knock-on impact for oil markets.
Iraq expects higher demand for crude as the shortfall of gas forces consumers to look for alternative fuels, Oil Minister Ihsan Abdul Jabbar said on Wednesday.
The head of Nigeria’s state oil firm, Mele Kyari, predicted that petroleum demand could be boosted by 1 million barrels a day, with prices potentially gaining $10 a barrel over the next six months.
While the two exporters are hardly neutral observers of the situation, their views echo thinking that’s increasingly widespread in the market. Brent futures are already at $75 a barrel, approaching this year’s peak.
