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Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80 – OpEd
This is just the beginning of the oil crisis. By Michael Snyder Over the past couple of weeks, the price of U.S. oil has rallied back above 50 dollars a barrel. In fact, as I write this, it is sitting at $52.93. But this rally will not last. In fact, analysts at the big banks … Continue reading
Saudi Arabia: S&P Lowers Outlook On Oil Price Negative Trend
S&P Rating agency has lowered the outlook for Saudi Arabia to negative at the back of sliding oil prices. The country is the world’s top oil exporter. The agency maintained its sovereign credit rating for the kingdom due to the country’s very solid fiscal condition and despite the substantial deficit planned. S&P also stated that “… … Continue reading
It Is About To Get Ugly: Oil Is Crashing And So Is Greece – OpEd
By Michael Snyder The price of oil collapsed by more than 8 percent on Wednesday, and a decision by the European Central Bank has Greece at the precipice of a complete and total financial meltdown. What a difference 24 hours can make. On Tuesday, things really seemed like they were actually starting to get better. … Continue reading
Price Drop Leads To $1.6 Trillion Transfer From Oil Producers to Oil Consumers: Barclays
A January 29th report from Barclays PLC (NYSE:BCS) (LON:BARC) Equity Research suggests that investors are focusing too much on the bleeding in the energy sector from the huge drop in crude prices, and not enough on the major benefits to consumers (and consumers good producers) that can be expected from an additional $1.6 trillion in income … Continue reading
Why The Damage To The Economy Caused By The Oil Crash Is Going To Get Progressively Worse – OpEd
By Michael Snyder We are really starting to see the price of oil weigh very heavily on the economy and on the stock market. On Tuesday, the Dow was down 291 points, and the primary reason for the decline was disappointing corporate sales numbers. For example, heavy equipment manufacturer Caterpillar is blaming the “dramatic decline … Continue reading
Oil Can Recover To $200 If Supply Dries Up – OPEC Head
World oil prices have reached the bottom and will soon bounce back, said OPEC Secretary General Abdullah el-Badri, adding that they can go as high as $200 a barrel if lower investment erodes supply. “Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon,” … Continue reading
Plunging Oil Prices Force Oil Majors To Cut Billions In Spending
The world’s leading oil companies are reported to be planning a $28 billion cut in capital spending by 2017 to keep debt at a sustainable level at a time when oil prices continue to fall. Investment in exploration and development of oil and gas fields could drop by 20 percent by 2017 compared to last … Continue reading
Saudi Arabia Expected To Keep Oil Policy Unchanged
The current rise in oil prices will be short-term as Saudi Arabia is unlikely to reconsider its oil policy after the death of King Abdullah, financial experts told RT. “The Saudi king has not been taking an active part in running the country for several years, so the market knew that the king was old, … Continue reading
Iraq Hopeful Oil Has Hit ‘Bottom’
Oil prices should not fall below the current average of $47 a barrel, Iraq’s oil minster Adel Abdul Mahdi has stated. “Our estimate is that the prices (of oil) have reached the bottom. It is very difficult to drop lower than this,” oil minister Abdul Mahdi said at an industry conference in Kuwait Wednesday. Oil … Continue reading
Record Iraqi Oil Output Adds More Downward Pressure On Prices
Iraq’s daily oil production reached a record 4 million barrels in December 2014 and the country is planning to increase its share of the global oil market, said Iraqi Oil Minister Adel Abdul Mahdi. The decision is likely to push oil prices even lower. “This figure was reached for the first time in history,” he … Continue reading
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