Oil price fall speculative, to hit $140 by year-end -Andurand

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A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin
A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, U.S., March 17, 2023. REUTERS/Bing Guan

LAUSANNE, March 21 (Reuters) - The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierre Andurand of Andurand Capital said on Tuesday.

Still, electric vehicles will eventually sap gasoline demand and cause oil demand growth to slow in the coming years, Andurand told the FT Commodities Global Summit in Lausanne, Switzerland.

Demand will peak around 2030, he said, adding: "Even when we peak, oil demand won't fall down so fast. We will reach peak demand towards 110 million barrels per day and then a slow decline from there."

Reporting by Julia Payne; writing by Noah Browning; editing by Louise Heavens and Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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