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AprOil prices could experience an “off the charts spike” as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC. OPEC+ — the Organization of the Petroleum Exporting Countries, with their allies including Russia — have been under pressure from top consumers, such as the United States and India, to add extra supplies after oil prices surged 50% this year. However, the oil cartel agreed on Monday to stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, shrugging off calls to pump more oil.
John Driscoll, chief strategist at JTD Energy Services, said the decision by OPEC+ was a “very prudent course of action” until one considers the ongoing energy crises and possible supply disruptions. “What I think [is] more concerning to everyone out there … what happens during the winter? Are we going to have another Arctic freeze?” Driscoll told CNBC’s “Squawk Box Asia” on Tuesday. He pointed to the shortage of fuel in the U.K. — with long queues of cars waiting to buy gas, as well as “fist fights.” In the U.K., people have been panic buying fuel, causing shortages, as well as straining the fuel supply chains.
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Driscoll said what’s especially worrying is a thin inventory, or if there’s “any kind of supply chain glitch.” Supply chains have been strained by the panic buying of fuel in Britain, and is due in part to a major lack of truck drivers due to Brexit and the U.K.’s new trading relations with the EU. It’s led the U.K. to resort to bringing in the army to deliver fuel.You could see an off the charts spike — that is one scenario out there,” said Driscoll, of oil prices. “I don’t really hear anybody talking about the prospects of a mild subdued winter. I think, given all the uncertainty over weather and climate change, we could be in for a wild ride here.”
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