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IDemo

(16,926 posts) Mon Jan 26, 2015, 12:00 PM Jan 2015

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

Source: MarketWatch

NEW YORK (MarketWatch) — OPEC has had its foot on the throat of the oil market for months, but the chief of the cartel thinks a rebound might now be at hand, according to news reports.

“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.

Read more: http://www.marketwatch.com/story/opec-chief-sees-chance-of-oil-zooming-to-200-a-barrel-2015-01-26?link=MW_latest_news

7 replies

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Highlight:

OPEC chief sees chance of oil zooming to $200 a barrel (Original Post) IDemo Jan 2015 OP

Another 'oil analyst' predicting the future. louis-t Jan 2015 #1

Saudi Prince Alwaleed bin Talal SamKnause Jan 2015 #2

I figure when they decide that they need some more trillions in the bank, SoapBox Jan 2015 #6

Some analyst is heavily invested in oil and is hoping to recoup some losses FLPanhandle Jan 2015 #3

Speculation is such fun. nt bemildred Jan 2015 #4

Go for it greedy fucks sorefeet Jan 2015 #5

exactly! nt hopemountain Jan 2015 #7

louis-t

(23,295 posts)

1. Another 'oil analyst' predicting the future.

Reply to IDemo (Original post)

Mon Jan 26, 2015, 12:08 PM

Jan 2015

They're always wrong. Every day we have two stories: "oil is going up", "oil is going down". Citigroup analysts said "oil has definitely bottomed out" at $65. These same analysts predicted $6 a gallon gas 10 years ago. It never happened. These are con artists of the highest order. Best to ignore them.

SamKnause

(13,108 posts)

2. Saudi Prince Alwaleed bin Talal

Reply to IDemo (Original post)

Mon Jan 26, 2015, 12:13 PM

Jan 2015

of the Saudi royal family, is now publicly saying in interviews that oil will never go back to $100.00 per barrel or higher again.

I guess time will tell.

SoapBox

(18,791 posts)

6. I figure when they decide that they need some more trillions in the bank,

Reply to SamKnause (Reply #2)

Mon Jan 26, 2015, 12:35 PM

Jan 2015

They will simply manipulate the markets.

I did hear yapping on the radio about this being the bottom of retail pricing as the manufacturers of gas have now reduced production and sold off stock...they will then be able to get the price going up.

Oh just great.