Some representatives of Kuwait’s oil industry see no fundamentals for much higher oil prices above $50/b in the near future. At the same time, they rate OPEC’s strategy aimed at preserving the cartel’s market share as successful. The Kuwait Minister of Oil says that until the end of this year, the global market of crude oil may have got its balance restored to see the prices settle around $50/b, Masterforex-V Academy reports.
Oil price seem to never stop going down since mid 2014. Yesterday, the prices went down a little bit as well. The thing is that the market seems to be reacting this way to the expectations of poor economic stats ,which are about to be released in China, the world’s biggest consumer of crude oil.
Judging by today’s situation, many experts do not doubt that crude oil may well stay below $100/b forever. At the same time, more experienced analysts are not in a hurry to make such brave predictions. Still, they agree with them to the extent that oil prices are probably going to stay low for quite a long period of time. In particular, they name serious levels below $50/b.
According to the observers working for The Times, this may well not be the end of the never-ending price decline in the glob oil market started in mid 2014. In other words, hey assume that crude oil may find the price bottom somewhere around $20 per barrel if the worst-case scenario manifests itself, Market Leader reports.
According to some unofficial online sources, Apple has already started testing the next version of its operating system for mobile devices. It is likely going to be called iOS9. Those resources site visitor stats as some kind of confirmation of this rumor , Market Leader reports.
Kenneth Rogoff, a professor of economics and the former Chief Economist of the International Monetary Fund, assumes that oil prices may well recover up to $100/b in the mid-term future. In particular, he says that he doesn’t believe in the idea supported by many financial experts regarding the supposition that oil prices are never going to come back to the levels seen in mid 2014. On top of that, he assumes that sooner or later oil prices are going to see $100 per barrel or higher.
At this point, never ending expectations of even lower prices on crude oil and oil products jeopardize geological prospecting and development of new conventional oil fields, not to mentioned shale oil fields. Well, it sounds quite logical and natural since no company wants it business to be unprofitable, Market Leader reports. All of this is confirmed by the latest report released by the World Bank.
Yesterday, on December 23rd, the international rating agency named Moody’s was reported to have cu Gazprom’s rating from Ваа1» down to «Ваа2 with a negative forecast. It should be noted that Gazprom is a Russian energy heavyweight feeding the most of Europe with natural gas, Market Leader reports.
At tis point, the biggest event in the global oil market is the latest OPEC summit. This is believed to be the major reason why crude oil prices keep on going down. Well, it is hard to disprove this supposition since the price started instantly falling down after the OPEC announced its decision to remain its oil production unchanged at 30 million barrels a day. This took place during the latest summit in Vienna on November, 27th.
The Secretary General of the OPEC says the OPEC’s decision to leave their oil production volume unchanged is not aimed at hurting any particular country, including Russia and Iran. This is what Market Leader reports.
It is not a secret that all those Western sanctions imposed on Russia by the USA and its Western allies used to be considered with a smile by most Russian politicians. Now we can see that the consequences are getting more and more serious and Russian politicians do not want to smile anymore. The projections become gloomier amid depreciating oil prices. Apparently, the Russian economy, which is heavily dependent on the export of oil and natural gas, couldn’t but feel the outcome, Masterforex-V Academy reports.