The head of Trafigura has warned that the oil market could reach a “parabolic state” later this year with prices surging to record highs and triggering a slowdown in economic growth.
Jeremy Weir, chief executive of the commodity trader, said that energy markets were in a “critical” state as sanctions on Russia’s oil exports following its invasion of Ukraine had exacerbated already tight supplies created by years of under-investment.
“We have got a critical situation,” Weir told the FT Global Boardroom conference on Tuesday. “I really think we have a problem for the next 6 months . . . once it gets to these parabolic states markets can move and they can spike quite a lot.”
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