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- Oil prices could plummet toward $40 per barrel - JBC Energy
Oil prices could plummet toward $40 per barrel - JBC Energy
According to the chairman of an energy research institute, oil prices could plummet toward $40 per barrel if the Iranian regime collapses.
Johannes Benigni, chairman of JBC Energy, made the comments on CNBC amid continuing unrest in Iran.
Iran's economy has also been under immense pressure from U.S. sanctions that were reimposed after President Trump withdrew from the 2015 nuclear deal. Former President Barack Obama's national security advisor on Sunday said Iran is closer "than ever before" to a possible collapse in the regime.
Benigni said a change in leadership in Tehran would have a major impact on energy prices. "For the oil market, it would mean that the likelihood of oil prices dropping towards $40 is very high," he said.
"Remember Iran could easily add 1.5 million barrels within a shortest period of time. Maybe even 2 million barrels, and that's a lot of oil," he said. On a larger scale, he said there isn't much upside potential for Brent crude.
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