Easy to See Oil at $100 in 2023, Sankey Says

The transcript discusses the challenges in oil exploration, particularly the high costs and limited discoveries outside of Guyana. It highlights OPEC's capacity constraints and the impact of the Strategic Petroleum Reserve (SPR) on oil prices. The conversation shifts to future commodity market scenarios, considering factors like China's economic activity and US gasoline demand, which is influenced by more efficient vehicles. The market's muted response to oil supply changes and the potential for significant price shifts in 2023 are also explored.

What is one of the significant oil discoveries mentioned in the past decade?

• Siberia

• Guyana

• Alaska

• North Sea

Which countries are mentioned as having spare oil capacity?

• Brazil and Venezuela

• Saudi Arabia and UAE

• Russia and China

• USA and Canada

What is one reason for the weak US gasoline demand?

• Increase in electric vehicle usage

• More efficient cars

• Government restrictions

• Decrease in population

What is the expected impact of China's market re-entry on oil prices?

• Stabilization of oil prices

• Decrease in oil prices

• Increase in oil prices

• No impact on oil prices

What is the projected price range for oil starting in 2023?

• $50 to $80

• $150 to $200

• $80 to $100

• $100 to $150

What is the effect of the strong dollar on oil prices?

• Stabilizes oil prices

• No effect on oil prices

• Decreases oil prices

• Increases oil prices

What is a potential downside risk mentioned for the oil market?

• Decrease in SPR releases

• Excessive SPR releases

• Overproduction by OPEC

• Increase in global oil demand