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

  • This Day in History, May 28

    On this day in history, Chrysler Corporation merges with Dodge Brothers in 1928; in 1987, CompuServe releases new GIF file format, and in 2014, Apple buys Beats Electronics for $3 billion.

  • Bouncing markets await rate date

    There's a big play out there on the June 18th calls on the VIX, says Joe Kinahan, TD Ameritrade, sharing his thoughts on market volatility and why there will be more clarity once a definitive date is set for an interest rate hike.

  • China stocks plunge, Shanghai Comp sheds 6.5% in selloff

    CNBC's Sri Jegarajah reports China stocks sank on fears of tighter margin loan rules. This was a conviction selloff lead by the brokerages, say Jegarajah.