Dwane said geopolitical risks could cause prices to skyrocket as several oil producing states are fragile, and oil prices are currently too low for anyone to want to drill fresh wells which may be needed in the future. Herman Wang, OPEC specialist at S&P Global Platts, agreed that there is significant geopolitical risk to oil supply. “There are plausible scenarios where you could see, perhaps not $120 a barrel, but an elevated oil price, say $70 to $80 on some of these geopolitical and some of the supply concerns. Venezuela certainly is a mess right now,” he told CNBC’s Squawk Box on Friday. Even without these geopolitical concerns, OPEC must face the “million barrel question” if it ever hopes to rebalance the global oil market. U.S. oil production increased by 88,000 barrels per day (bpd), or more than 1 percent, to 9.34 million bpd, according […]