Dr. Francesco Stipo, president of the Houston Energy Club, said in remarks earlier this month that the price of oil could reach as high as $180 per barrel, above the previous record set in 2008 even when adjusted for inflation.
Stipo, during the 6th Latin America Energy Forum last Thursday, joined speakers including Aldo Flores Quiroga, the former secretary general of the International Energy Forum, and multiple CEOs from Latin America and the United States. They discussed how Latin American energy will fare over the next year and how infrastructure in the region could be improved.
At one point, Stipo predicted that oil could hit $180 per barrel, which would set a new record, due to the ongoing war in Ukraine and the influx in demand for oil and gas as COVID-19 restrictions begin to ease.
Stipo said that this rise in prices will benefit countries like Brazil and Mexico, which are oil exporters, but will hurt countries like Argentina and Chile, which are oil importers. He also predicted that Venezuela will have high oil prices and that the sanctions on Russia will negatively impact the financial support the country receives from Russia.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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