Crystal ball predictions of US$ 100 per barrel of crude oil have returned for the first time in four years as the U.S. sanctions Iran’s exports. U.S. President Donald J. Trump has been pushing OPEC to prevent supply shortages. However, OPEC and its allies have not committed to increasing their supply enough to reduce prices. Saudi Arabia and Iran are both members of OPEC. OPEC’s hesitance to drive prices lower, along with supply drops from Iran on the order of 1.5 million barrels a day, made for bullish sentiment at the meeting of the Asian oil industry in Singapore. In a different response in October, Saudi Arabia Crown Prince Mohammad Bin Salman Al Saud told media outlets that Saudi Arabia will meet its promise of any supply loss from the Iranian sanctions. The U.S. State Department continues to ask for OPEC to tap its reserve supplies. U.S. National Security […]