I heard a rumor that OPEC will go 300 USD / barrel this year

[spy100]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

[gantez]

I try to search for you on that but no result I could get for that. The price of crude oil per barrel today still standing for $114 and between that. The rumour can be with the Ukraine and Russia war because for a month that it started, there has been a steady price increase of crude oil from $89 to above $100 and this is affecting the economy of more countries than those in the war.

[Husires]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

Russia produces 11,262,746 barrels per day of oil (as of 2016) ranking 3rd in the world, which represents about one eighth of the amount of barrels of oil produced globally, which is estimated at about 88.4 million barrels per day in 2020.

Source: https://www.statista.com/statistics/265203/global-oil-production-since-in-barrels-per-day/#:~:text=Global%20oil%20production%20amounted%20to,at%20around%2095%20million%20barrels.
https://www.worldometers.info/oil/russia-oil/#:~:text=Oil%20Production%20in%20Russia&text=Russia%20produces%2011%2C262%2C746%20barrels%20per,reserves%20(as%20of%202016).

We know that even if Russian oil is banned, the country may continue to export it to some countries, most notably China. Therefore, it is unlikely, at the present time, that we will witness prices above 200 dollars per barrel.

This rumor might be true if Russia and Saudi Arabia decided to stop exporting, which is almost impossible.

[Fortify]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

I think this rumor is about as useful as people who were predicting that bitcoin was going to be $100,000 by the end of 2021. The war in Ukraine has put pressure on supplies but there is excess capacity that can be ramped up short term. In the medium to long term, if oil stays above $100 per barrel it means a lot more sources are economic to exploit - like many more US fracking sites. These will eventually be brought online and help to stabilize the price somewhat closer to where we are now. There may be spikes but if it goes too high, it'll cause a recession which drops demand too.

[Captain Corporate]

 People who think that crude oil could go to ATH once agian should really consider what they are looking at right now. The west already decided that they will not work with Russia anymore and that is why I have to say that it is not going to that way at all because all those saudi arabia and venezuela and all other things will make Russia not really a big deal. All those that Russia sent, will be covered from all the other nations that west could get and maybe it will not be the same but 70-80 dollar range will become reality. Maybe not like 10-20 ever again, but not 300 for sure, there is no chance.

[fillippone]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

Highly unlikely. The only scenario where I see this happening is in case of an European ban from Russia Oil.
This would send the Brent/WTI barrel to the moon because of Europe should anyway buy the displaced Russian oli elsewhere.

As an European, I do hope this scenario will never materialize.

[milewilda]

 People who think that crude oil could go to ATH once agian should really consider what they are looking at right now. The west already decided that they will not work with Russia anymore and that is why I have to say that it is not going to that way at all because all those saudi arabia and venezuela and all other things will make Russia not really a big deal. All those that Russia sent, will be covered from all the other nations that west could get and maybe it will not be the same but 70-80 dollar range will become reality. Maybe not like 10-20 ever again, but not 300 for sure, there is no chance.

We would be never seeing those 10-20 but playing around below 100 is something that we do believe on.There might be some total cut-off ties in regarding with Russia supply but doesnt mean that it
would really make things worst.We've seen it a few months or weeks ago but it would be just momentarily yet other nations had already made out some decisions in regarding supply
which having going 300 is impossible to happen but well if there are rumors then probabilities to happen is there at least but close to impossible.

[adaseb]

I haven’t heard about $300 oil but I heard tons of rumors about $200 oil about 2 weeks ago when we topped $135. It was one week after the invasion. And then crude oil tanked to less than $100 and now it’s going up to $122.

So there might of been this article published but it’s probably because they want people to buy oil contracts and make a big bull trap.

Either way. Before the invasion price of crude was going up anyways. This invasion just accelerated it. We need alternative and renewable energies and there just isn’t enough time for that. Even if everyone could buy an EV the raw materials and time to make the car would take too long.

[The Sceptical Chymist]

I think this rumor is about as useful as people who were predicting that bitcoin was going to be $100,000 by the end of 2021.

Yep, or about as useful as most rumors, i.e., pretty much useless to anyone but oil traders who would probably act on it.  For the rest of us, there's not much we can do.  It's not as though we can stockpile gasoline or heating oil in case the price of both skyrocket.  If the rumor was about rice or toilet paper, it might be a different story--but even then, what we're talking about here is just something some internet nobody wrote on a discussion forum with no evidence.

And I'd also point out that you only hear predictions like this when there's already a trend (or what looks like one) in the price of something.  Those predictions about bitcoin going to $100k were usually when it was rising anyway.  And then it turned out to be incorrect, so there you go.

[Moneyprism]

my country is a member of OPEC, but there is no news here that mentions that OPEC will increase the price of oil per barrel .. but if it really happens it will certainly cause massive economic chaos

[Poker Player]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

Highly unlikely. The only scenario where I see this happening is in case of an European ban from Russia Oli.
This would send the Brent/WTI barrel to the moon because of Europe should anyway buy the displaced Russian oli elsewhere.

As an European, I do hope this scenario will never materialize.

While I partly agree with your argument, I highly doubt it would reach that price this year. Demand would not remain constant. You have to think that we came from a $60 price a year ago. Now we are at double that price, not that far from an ATH. To reach $300 would be to multiply by 2.5 from this level.

There are many people who would not be able to afford to go to work with those prices, for example. People who used to take the car on the weekend to go to the countryside would stay in the city. Etc. So, I think the more the price goes up, the more difficult it will be for it to keep going up.

[19Nov16]

If this happens I'm sure there will be many dead industries, the dependence of the industry with oil is very high, if the price of around $ 95 per barrel and the industry has felt a direct impact then if the price of $ 300 will be many industries to die, besides the industry, of course automatives will be reducing the amount of production and will be a lot of unemployment from the increase in oil prices which reached $ 300 per barrel.

[Pomogator]

I try to search for you on that but no result I could get for that. The price of crude oil per barrel today still standing for $114 and between that. The rumour can be with the Ukraine and Russia war because for a month that it started, there has been a steady price increase of crude oil from $89 to above $100 and this is affecting the economy of more countries than those in the war.

I think this option is possible. Certainly not 300 dollars, but 200-250 quite. If the European Union refuses Russian oil, the price may rise. But this action will hit Europe very hard and it will be forced to lift sanctions on the fuel industry. I think Europe does not dare to take these actions, it is pointless. When compared with the situation in the gas industry in Europe. I think it will be the same with oil.

[NeuroticFish]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

While the possibility exists, the probability is slim.
USA has oil reserves they use to soften price shocks. At 200$/barrel (just a random very high price still much lower than 300) I am certain that many (at least from Texas and OPEC) will consider increasing production and some will consider lowering consumption. Talks with Venezuela are also a fact. I think that market will equalize itself and 300$ won't be reached.

I don't know where you heard the rumor from, but imho it looks more like an attempt to panic people than something with realistic chances to happen.

[Smartprofit]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

The price of oil (expressed in US dollars) can rise in two ways. 

The price may rise if oil rises in price, and may rise if the US dollar depreciates. 

What are the prerequisites for an increase in oil prices? 

This is her deficiency.  An embargo on Russian oil could potentially lead to a shortage. 

What are the prerequisites for the depreciation of the US dollar? 

The US dollar is the world's reserve currency.  However, at present, Russia and China are refusing to use the US dollar in their financial and economic activities.  Recently I read the news that Saudi Arabia plans to sell oil not for US dollars, but for Chinese yuan.  This is a very negative signal for the US dollar. 

Therefore, based on this, there are serious prerequisites for further growth in oil prices.

[hugeblack]

Highly unlikely. The only scenario where I see this happening is in case of an European ban from Russia Oli.

I think you are talking about gas and not oil? Europe imports about less than 3 million barrels per day from Russian crude^[1], this amount can be compensated by Iranian oil or even allow Venezuela to export oil, also that 3 million barrels out of a total of total 70 million barrels per day will not lead prices to rise from 100 USD to 300 USD.

Do not forget that these prices may be encouraging for shale oil.

With regard to gas, the story is completely different, as is the cost of liquefied gas, establishing stations to receive that gas, and the cost of the story may easily multiply prices several times.

[1]

The European Union is divided on banning Russian oil imports—and rightly so, because its 27 members buy a quarter of their oil and more 40% of their gas from Russia.

[fillippone]

Highly unlikely. The only scenario where I see this happening is in case of an European ban of Russian Oil.

I think you are talking about gas and not oil?

Oil.
Banning Russians Gas is next to impossible for Europe, as substituting with LNG is not viable, lacking basic infrastructures.
Substituting Russian Oil is extremely difficult and costly, but doable if all member states are determined to do so.
The efficacy of both those measures, I am not certain.

[boyptc]

What I've read is that $120-$150 per barrel is possible but $300 is not going to happen.

Can you cite any source that open did really said that or it's just an overheard somewhere? I don't think that we'll go that far, the price of oil has gone up already and yeah possible to increase but not to that point.

Well, if you think so then you got to start investing in oil then.

[Kakmakr]

Well.. it is not just a rumor, because there are some articles that are speculating this scenario ...Source : https://markets.businessinsider.com/news/commodities/russia-warns-300-dollars-barrel-oil-europe-natural-gas-supply-2022-3

The thing is..... Russia might think that they are providing more than 8% of the worlds oil and that gives them leverage to do what they want, but what happens when countries start to wean themselves off from their dependency from Russian oil? In the long-term this will reduce their customers and buyers of their oil.  

The weather is also changing, so Europe will soon need less Gas than what is needed in cold seasons. 

[davis196]

I think you are talking about gas and not oil? Europe imports about less than 3 million barrels per day from Russian crude^[1], this amount can be compensated by Iranian oil or even allow Venezuela to export oil, also that 3 million barrels out of a total of total 70 million barrels per day will not lead prices to rise from 100 USD to 300 USD.

Do not forget that these prices may be encouraging for shale oil.

With regard to gas, the story is completely different, as is the cost of liquefied gas, establishing stations to receive that gas, and the cost of the story may easily multiply prices several times.

The oil industry in Venezuela is in ruins,due to the "smart management" by the Venezuelan socialists.
It would take years for Venezuela to recover it's oil industry and this would require foreign investments,which is impossible under the Maduro goverment.
Iran is exporting oil mostly for the Asian countries.I don't think that the Iranians would switch to Europe.
Iran has close relationships with Russia and not-so-close relationships with the European Union.
Anyway,I don't believe that the oil prices can hit a range above 150 USD for long time frame.
Anything above 150 USD oil price would be catastrophic for the global economy.