Tuesday, May 12, 2015

"OPEC: Oil prices will stay below $100 for a decade"

From The Hill:
The Organization of the Petroleum Exporting Countries (OPEC) doesn't expect oil prices to return to the $100 per barrel mark for at least the next decade, according to a Wall Street Journal report.
The group has written a report that, under its most optimistic scenario, sees oil trading at around $76 a barrel by 2025. An official told the WSJ that "$100 is not in any of our scenarios."

OPEC's report recommends the return of the country-by-country production limits that the group abandoned in 2011 as a way to stabilize oil prices.

Brent crude, the international oil benchmark, was trading at around $64 a barrel on Monday. Brent's price was above $110 a barrel in June and was last at $100 in October. The price collapsed over the winter, bottoming out at less than $50 a barrel in January before recovering since then....MORE