Oil prices have been projected to rise next year, according to projections by stakeholders in the sector.
This is just as newly imposed sanctions on Iran by the US are expected to come into force early November.
According to Reuters, oil traders, Trafigura and Mercuria, have projected a possible hike in Brent petroleum prices from its recent four-year peak of $80.94 on Monday, to over $100 at the beginning of 2019.
For Nigeria, it could mean increased spending to keep the cost of a litre of petrol at N145.
JPMorgan anticipates that the oil market will lose at least 1.5 million barrels per day to the easing out of Iran by U.S trade embargoes, while Mercuria expects a further 500,000 to be knocked out.
The restrictions to Iranian trade will affect Iran’s US dollar purchases, metals trading, coal, industrial software and its auto sector. The sanctions are expected to come into…
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