Oil Resumes Drop as Iran Sees $40 If There’s OPEC Discord -- Bloomberg
Brent crude fell near to a five-year low as OPEC said it expects demand for its crude next year to be the lowest since 2003. West Texas Intermediate also sank.
Futures slid as much as 2.2 percent in London. The Organization of Petroleum Exporting Countries lowered its estimate for demand for its crude in 2015 by about 300,000 barrels a day to 28.9 million. Crude could fall as low as $40 a barrel amid a price war or if divisions emerge in OPEC, said an official at Iran’s oil ministry. The U.S. Energy Information Administration reduced its price forecasts for next year while also downgrading its production outlook for a second month.
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More News On Plunging Oil Prices
Oil Prices Drop on Surprise Increase in Crude Stockpiles -- WSJ
Oil falls below $66 on ample supply, rising stocks -- Reuters
Opec opens door to emergency meeting with oil downgrade -- The Telegraph
OPEC ‘effectively dissolved’; oil will slide to $50 - Bank of America -- RT
OPEC cuts 2015 demand forecast for its oil to lowest in a decade -- Reuters
OPEC slashes oil production estimate -- USA Today
Oil Falls to 5-Year Low, and Energy Companies Start to Retrench -- NYT
Oil is getting crushed -- Business Insider
Demand For OPEC Oil Is Falling Off A Cliff -- Business Insider
Falling oil prices threaten to transform the industry -- Russell Hotten, BBC
WNU Editor: We are already seeing panic in the public statements from OPEC and non-OPEC officials and their representatives ....
From Iran .... Iran: Fall in Oil Prices Is 'Treachery' (AP)
From Russia .... Putin discontent with growing oil product prices when oil prices fall (ITAR-TASS)
From Venezuela .... Maduro: Venezuela Needs Credit to Cope With Oil Price Drop (VOA)
From Brazil .... Petrobras Is Tanking, And It's Dragging Brazil Down With It (Business Insider)
Interestingly .... Saudi Arabia and Iraq are "singing a different tune" ....
From Iraq .... Iraq Follows Saudis Discounting Oil for Asia to 11-Year Low (Bloomberg)
From Saudi Arabia .... Saudi Arabia snubs Iranian plea for oil price rise (The Times)
2 comments:
The developed Iraqi Oil fields in the south, were always cheap to produce, sanctions made the oil expensive.
The people who initiated this did not consider all the future ramifications that are now starting to occur. I would watch Argentina, Brazil, Venezuela, and Cuba in the West. In Africa this will kill what's left of Nigeria. The end of OPEC, the further (temporary) rise of Saudi Arabia, and the entry diplomatically, technically, and militarily on a large scale basis of China in the Middle East.
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