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News > OPEC chief sees chance of oil zooming to $200 a barrel


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OPEC chief sees chance of oil zooming to $200 a barrel

OPEC chief sees chance of oil zooming to $200 a barrel

“Now the prices are around $45-$55, and I think maybe they reached the bottom and will see some rebound very soon,” OPEC Secretary-General Abdulla al-Badri said on Monday, according to Reuters.
 
If that wasn’t enough to put oil bears on the back foot, at least temporarily, Badri also said it would be possible to see crude climb to $200 a barrel or higher “if you don’t invest in oil and gas,” Bloomberg reported.
 
That is an interesting scenario, since shale production is seen as relatively resilient, with firms able to ramp production up in relatively short order as prices rise.
 
A nearly 60% plunge in the price of oil since June has sent shock waves through global financial markets. Oil’s drop accelerated after OPEC in late November refused to cut production levels in the face of a global supply glut and lackluster demand growth.
tehrantimes.com


10:21 - 28/01/2015    /    Number : 324919    /    Show Count : 240



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