VIDEO: This is how much oil will cost in summer 2018
FGE founder and Chairman Fereidan Fesheraki discusses the price and production of oil, and talks about OPEC output cuts. He speaks on “Bloomberg Daybreak: Asia.”
Fesheraki says that the US proposed tax policies are a boost to US oil industries as they shift from an Obama era of tax cuts for renewable energies to a situation that is now reversed.
“But a $1 rise in oil price is much more effective than all the tax relief in the world,” he said.
He believes that extending OPEC production cuts beyond March 2018 is “a done deal” but the only remaining issue is whether it would be for 6 months or 9.
“The market is feeling those positive vibes and pricing it in.”