• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset Realasset
moneycontrol.com

Home » News » Commodities

Aug 29, 2013, 03.04 PM | Source: CNBC-TV18

Syria clash may seep in Iraq; Brent at $125 likely: SocGen

Speaking to CNBC-TV18, Mike Wittner, head of global oil and commodities research- Societe Generale says the likelihood of a US-led attack on Syria owing to its alleged usage of chemical weapons is extremely high and now, it is more a question of when and in what form the attack will take place.

Like this story, share it with millions of investors on M3

Syria clash may seep in Iraq; Brent at $125 likely: SocGen

Speaking to CNBC-TV18, Mike Wittner, head of global oil and commodities research- Societe Generale says the likelihood of a US-led attack on Syria owing to its alleged usage of chemical weapons is extremely high and now, it is more a question of when and in what form the attack will take place.

Post Your Comments

Share Cancel

Mike Wittner (more)

Head- Global Oil & Commodities Research, | Capital Expertise: Commodities

Brent crude is likely to see levels as high as USD 125 per barrel in anticipation or an actual US attack on Syria, believes Mike Wittner, head of global oil and commodities research- Societe Generale.

Also read: Haven't made a decision on Syria military strike: Obama

Speaking to CNBC-TV18, Wittner says the likelihood of a US-led attack on Syria owing to its alleged usage of chemical weapons is extremely high and now it is more a question of when and in what form the attack will take place.

However, Syria is not one of Wittner’s main concerns as it is not an important oil producer or exporter . The possibility of tensions in the area spilling over to vital oil exporters like Iran and Iraq is one that is discomforting most oil traders.

"In terms of oil, in the last two-three months, the northern pipeline which carries Iraqi crude to Turkey on the Mediterranean Sea, this pipeline normally transports 200-400 kbd (200,000-400,000 barrels per day) of crude and it has been attacked repeatedly. Average exports are now at 200 kbd. What really worries me in Iraq is if the violence escalates and somehow affects exports of the south, because in the North exports are at normal export levels of 400 kbd, Iraq exports two million barrels a day into Persian Gulf," he says.

Wittner fears a spillover of conflict to Iraq that also has a history of Shia-Sunni aggression, may make crude rally as high as USD 150 per barrel. "This is not a base case, but it is not negligible either. There’s a 20 percent chance of Brent seeing USD 150," adds Wittner.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Syria clash may seep in Iraq; Brent at $125 likely: SocGen

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login