Oil prices could soon soar toward $80 a barrel amid escalating concerns over falling output from one of Latin America’s biggest producers, Crescent Petroleum’s chief executive told CNBC Tuesday.
Speaking at the World Economic Forum (WEF) in Davos, Majid Jafar, CEO of the United Arab Emirates-based oil and natural gas producer, said prices could skyrocket over the coming months if a major producer — such as Venezuela — suffered a significant production outage.
