Market Outlook: Oil could hit US$150 if Hormuz disruption persists [BNN Bloomberg (Canada)]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: BNN Bloomberg
BNN Bloomberg spoke with Vikas Dwivedi, global energy strategist at Macquarie Group, about how prolonged disruption to shipping through the key Middle East chokepoint could trigger a significant global crude shortage. Key Takeaways Limited tanker traffic through the Strait of Hormuz could still create a major supply deficit despite recent declines in oil prices. A disruption lasting several weeks could remove roughly eight to 10 million barrels per day from global markets after mitigation efforts. Markets appear to be assuming the conflict will end quickly and shipping will soon return to normal. Strategic reserves could help stabilize supply, but governments have so far held back from releasing them. Persistent disruptions could increase interest in crude supply from the Americas, including Canada, Venezuela, Mexico and Brazil. Read the full transcript below: ROGER: Oil prices are in retreat after U.S. President Donald Trump said the war involving Iran could end soon
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