El Nino is definitely developing into the strongest event we've had in a long time, possibly in this century.
More Quotes from Lawrence Eagles:
As far as the Middle East is concerned, there is still strong justification for a premium to remain in the market until it is clear the situation is much calmer on the ground,Lawrence Eagles
Without any further word from Saudi Arabia about production, ... there is no reason to believe that we won't see prices move higher.
Lawrence Eagles
Demand is still strong within China but growth was exceptionally strong last year. That year-on-year growth is narrower is not a surprise.
Lawrence Eagles
It's certainly having an effect on prices but it's more people preempting El Nino than anything else.
Lawrence Eagles
Saudi Arabia and even the hawks, like Iraq, are reluctant to see the price stay above 30. They won't leave this meeting without a new agreement on the mechanism for delivery of more oil.
Lawrence Eagles
As we go forward, geopolitical issues won't go away over night, but we wouldn't have got to oil at 60 plus without a lot of other factors.
Lawrence Eagles
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