Rystad Energy's Claudio Galimberti: Oil Prices to Stay High Due to Conflict
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Oil Disruption May Ease Slowly, LNG Supply Hit Could Last Years: Rystad Energy
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CNBC TV18•20-03-2026, 12:18
Oil Disruption May Ease Slowly, LNG Supply Hit Could Last Years: Rystad Energy
•Rystad Energy predicts crude oil prices could remain at $110–$120 per barrel for months, even if West Asia conflict ends, due to slow supply normalization and lack of alternatives to key routes like the Strait of Hormuz.
•The gas market faces a bigger challenge, with damage to Qatar's LNG facilities potentially causing a deficit for years; 17% of Qatar's LNG capacity is affected, meaning 12 million tonnes won't hit the market in the next 3-5 years.
•While most oil and gas facilities (except Ras Laffan) were not damaged and could come back online in weeks, the LNG market, previously expected to be oversupplied, now faces a significant structural shift to a deficit.
•The market is experiencing high volatility due to uncertainty in demand and supply fundamentals, making it difficult to predict prices accurately.
•Brent crude prices are expected to hover around $110–$120 for the next couple of months; pre-war levels of $60–$70 are not anticipated until Q4.
