Oil market shock still possible, IFP president says

The oil market remains vulnerable to shocks like those of the 1970s, warned Olivier Appert, president of Institut Français du Pétrole (IFP), in his annual assessment delivered at the Panorama symposium Feb. 3 in Paris.Changes last year, when unexpected demand growth strained production, refining, and transport capacities, didn't shock the market like the Arab oil embargo and Iranian Revolution did in the 1970s.But a major disruption of oil deliveries from the Middle East would shock the market as much as the earlier disruptions, Appert said."Any such major event is today likely to produce the same consequences: an oil barrel [price] around $80-100, albeit even more if one re...

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