Enter multiple symbols separated by commas

Brent Will Hit $148 a Barrel on Supply Issues: Pickens

Texas energy mogul T. Boone Pickens told CNBC Thursday he thinks Brent North Seaoil could hit $148 a barrelthis summer because demand is outrunning supply.

“I don’t think the Saudis have anything left,” said the CEO of BP Capital Management.

Brent “is a global market,” which means a lot of emerging markets including Chinaare buying it, and that will drive up the price, Picken said. That may be why Saudi Arabia is suddenly working in an oil field first discovered in the 1930s and pulling up what he called “crappy oil.”

Pickens’ prediction does not extend to WTI crude, which he called “a local market” providing enough supply for the U.S. The American oil and gas industry is “doing a great job” keeping up with increasing demand, he said.

“Here you are using almost 20 million barrels a day, producing eight million, importing 11 million, and that oil’s expensive. You supply more oil in the U.S., you’ll cut off that more expensive oil coming in,” he said.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Whole Foods down sharply

    Shares of Whole Foods are down 11 percent after quarterly earnings. Meredith Adler, Barclays analyst, cut her price target to $35 per share on the stock.

  • Q2 GDP by the numbers

    A new look at growth, with CNBC's Steve Liesman. First quarter GDP was revised to higher to 0.6 percent.

  • CNBC update: Tom Brady appeal

    A lawsuit seeks to overturn Tom Brady's 4 game suspension, and debris from an aircraft will be sent to France for investigation into whether it was part of the Malaysia flight MH370 that vanished, reports CNBC's Sue Herera.