Energy

Mohamed El-Erian pours cold water on calls for $100 oil

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Projections for oil prices to hit $100 per barrel overlook key questions over the future of demand, according to Mohamed El-Erian, chief economic advisor at Allianz and chair of Gramercy Fund Management.

Both international benchmark Brent crude and U.S. crude prices have spiked above $80 in recent weeks as post-pandemic demand outstrips supply. Surging natural gas prices have also caused crises around the world, most notably in Europe.

Speaking to CNBC’s Dan Murphy at the ADIPEC energy conference in Abu Dhabi, El-Erian said he agreed with earlier remarks by Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company, that global markets had “sleepwalked” into the energy…



Source cnbc.com

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