Pierre Andurand on production forecasts
From Oil May Spike $10-$15 if Israel Hits Iran Fields: Pierre Andurand · · BloombergTelevision
“We're expecting 1.1 million barrels a day of non-OPEC ex-U.S. supply this year. We're getting at 400,000 barrels a day.”
On , Pierre Andurand, Cofounder & CIO at Andurand Capital, spoke about production forecasts during Oil May Spike $10-$15 if Israel Hits Iran Fields: Pierre Andurand on BloombergTelevision.
About Pierre Andurand
Pierre Andurand, chief investment officer at Andurand Capital Management, said in October 2024 that the short-term risk for oil prices is to the upside due to low inventories and geopolitical risk. He stated that if Israel strikes Iranian oil export facilities, the market could lose 1.7 million barrels per day, potentially pushing prices $10 to $15 higher, though he noted that Saudi Arabia, the UAE, and Kuwait could increase production to compensate over time. Andurand described the medium-term outlook for crude as balanced, citing large non-OPEC supply growth and slowing demand growth, but said speculative positioning is at an all-time low. In earlier appearances, Andurand discussed OPEC+ dynamics and European energy security. In November 2023, he said OPEC+ had not effectively cut production despite announced reductions, and that the market needed more OPEC oil. In November 2022, he argued that Europe could avoid Russian gas entirely by reducing residential and commercial demand by 15% and power demand by 5%, and that a price cap on Russian oil was possible but required careful enforcement. He also stated in 2014 that he expected oil prices to fall significantly lower before the market would rebalance.