23 Dec 2014
Arab OPEC sources see oil back above USD 70/barrel by end-2015
FXStreet (Mumbai) - The Arab OPEC producers expect global economic recovery may push the Crude prices higher between USD 70/barrel to USD 80/barrel by the end of next year, OPEC delegates said this week.
A Gulf OPEC source said: "We have to wait and see. We don't see 100 dollars for next year, unless there is a sudden supply disruption. But average of 70-80 dollars for next year – yes.”
"The general thinking is that prices can’t collapse, prices can touch $60 or a bit lower for some months then come back to an acceptable level, which is $80 a barrel, but probably after eight months to a year," one Gulf oil source told Reuters.
Meanwhile, Saudi Arabia has made it clear earlier this week that the Kingdom will not cut its output irrespective of the Crude prices and may even consider raising the output if the clients ask for the same
A Gulf OPEC source said: "We have to wait and see. We don't see 100 dollars for next year, unless there is a sudden supply disruption. But average of 70-80 dollars for next year – yes.”
"The general thinking is that prices can’t collapse, prices can touch $60 or a bit lower for some months then come back to an acceptable level, which is $80 a barrel, but probably after eight months to a year," one Gulf oil source told Reuters.
Meanwhile, Saudi Arabia has made it clear earlier this week that the Kingdom will not cut its output irrespective of the Crude prices and may even consider raising the output if the clients ask for the same