Oil prices can hit $80 a barrel in a year: Paul Hickin of S&P Global Platts

Oil prices hit their highest in over three years on Wednesday after US President Donald Trump threatened to fire missiles at Syria in response to a suspected chemical attack last week. London – based PAUL HICKIN, associate director at S&P Global Platts shares his thoughts on the road ahead for the oil markets with Puneet Wadhwa on the sidelines of International Energy Forum (IEF). Edited excerpts:

Where do you see oil prices (Brent and WTI) averaging out over the next one year?

The oil market is walking a tightrope but the risks to prices appear to be to the upside, given uncertainties around production in countries such as Venezuela and Iran and the fact that the US shale revival is unlikely to offset the production cuts from the 24-member production cut alliance between OPEC and non-OPEC producers coupled with healthy demand growth. However, one cannot ignore the geopolitical uncertainties and whether the global growth story is as sanguine as some of the forecasts suggest.