Oil price may drop another $20 by the end of Q2
Chairman of the Facts Global Energy consultancy revealed the figures to delegates at AOGC 2015
Oil prices, trading around $67 per barrel, could drop another $10-20/b by the end of the second quarter this year, Fereidun Fesharaki, chairman of consultancy Facts Global Energy (FGE), told delegates to AOGC 2015. During his Crystal Ball presentation, Fesharaki said there has been no demand response yet and that production of oil is still much larger than the market can absorb. Inventories continue to fill up, while traders are holding long positions in the paper markets, which are very nebulous and could easily be easily triggered into liquidation. But “you need a trigger and when it comes, there will be a drop in the price of oil anywhere between $10-20. Now what the trigger is I don’t k
Also in this section
10 May 2024
The US’ contentious LNG permitting pause has prompted criticism from CEOs and wildly differing interpretations from politicians
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
8 May 2024
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain