Oil prices to hit $100 by 2019 comments Seismik Technology Company Limited

HONG KONG, May 10, 2018 /PRNewswire/ - Seismik Technology Company Limited has recently commented saying that recent geopolitical issues surrounding the tensions heating up in Iran, it could become a major catalyst to increasing Oil prices to as high as $100 per barrel next year.

There has been speculation from many brokerages and investment banks calling for Oil prices to hit highs of $80 - $90 per barrel as soon as mid next year.

However, with recent developments in the Middle East this figure has been pushed to over $100 which has not been seen since 2014.

Oil prices have already gained just shy of ten percent in the last month and under twenty percent since the start of the year.

Seismik Technology Company Limited, an industry leader which provides seismic solutions for the Oil and Gas industry since 2015, has mentioned that more exploration projects have been successful in the last few years thanks to growing advance technology.

"We have seen companies all across the globe having better success rates in exploration due to the research and development going into advance seismic technology. This means that there is going to be an increased supply of Oil & Gas wells which translates to less disruptions in supply that could be caused due to ongoing geopolitical issues," said Li Jing, Head of Research & Development at Seismik Technology Company Limited.

Iran, being a key provider of crude oil, has added an extra one million barrels of crude oil per day which is the main reason of fear as uncertainty grows for the fourth largest member of OPEC as they could be hit with further sanctions.

Key global analysts have stated that the biggest economies around the world have grown at a healthy rate since the financial housing crisis of 2008. The support for higher Oil prices should be a normal transition as the demand is continually growing.

SOURCE Seismik Technology Company Limited