5 Dec 2014
Oil prices might climb higher on halted Oil & Gas projects – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood notes that the $150bn worth of oil and gas projects put on hold can lead to higher oil prices.
Key Quotes
“The oil market fell yesterday on the news that I mentioned about Saudi pricing for January liftings, the interesting thing about about it was that it only fell less than a dollar, indicating that the market has already adopted a tolerance to such news.”
“Reuters is reporting this morning that at least $150bn of oil and gas projects due to be authorised for next year have already been put on hold, if true this is the start of the cycle which will lead to higher prices further down the road, the oil industry can never be accused of not being short termist or predictable eh?”
“The EIA in its latest report on US oil and gas reserves will have made grim reading in Riyadh, oil reserves were up for the 5th year in a row last year growing by 9% or 3.1bn barrels proven.”
Key Quotes
“The oil market fell yesterday on the news that I mentioned about Saudi pricing for January liftings, the interesting thing about about it was that it only fell less than a dollar, indicating that the market has already adopted a tolerance to such news.”
“Reuters is reporting this morning that at least $150bn of oil and gas projects due to be authorised for next year have already been put on hold, if true this is the start of the cycle which will lead to higher prices further down the road, the oil industry can never be accused of not being short termist or predictable eh?”
“The EIA in its latest report on US oil and gas reserves will have made grim reading in Riyadh, oil reserves were up for the 5th year in a row last year growing by 9% or 3.1bn barrels proven.”