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Oil Prices Could Drop To $20 A Barrel Next Yr

Oil prices might drop to as low as $20 per barrel next yr, based on each a corporation of Petroleum Exporting Nations (OPEC) minister and a Goldman Sachs analyst.

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Venezuelan Oil Minister Eulogio del Pino mentioned that OPEC couldn’t enter a worth battle and wanted to discover a way to stabilize the oil market. “OPEC has to do one thing very quickly … We don’t agree with the position that says the market some approach goes to dictate the value of crude oil. We don’t agree with that position of Saudi Arabia,” del Pino mentioned on the sidelines of the Fuel Exporting Countries Forum (GECF) Summit in Tehran on Sunday, as reported by Reuters.

In June, OPEC selected to maintain its production targets at 30 million barrels a day in an effort to take care of market share and in response to the shale growth in the U.S. With Iran set to announce its manufacturing targets after sanctions are lifted, del Pino said the present market is “destroying the worth of crude oil.” When asked how low it could go next 12 months with no change in OPEC’s coverage, del Pino’s response was: “Mid-20s.”

This echoes a report released by Goldman Sachs in September cautioning that oil costs could fall near the $20-per-barrel mark if OPEC production levels persist. “The oil market is even more oversupplied than we had anticipated and we now forecast this surplus to persist in 2016 on additional OPEC production development, resilient non-OPEC provide and slowing demand growth,” the report said.

Goldman Sachs analyst Michele Della Vigna repeated this on BBC petroleum equipment kansas city zoo Radio 4’s At this time present Monday, saying it might fall to that price degree because of a scarcity of storage facilities. Nevertheless, he emphasised that there was probably a 15% probability that it would happen, and that it could solely present a brief “shock to the system” earlier than the market stabilized.

Oil prices rallied briefly after Saudi Arabia said in a statement Monday that the kingdom was prepared to work with other oil-producing nations to stabilize prices. U.S. West Texas Intermediate (WTI) crude futures petroleum equipment kansas city zoo touched a session-excessive of $forty two.75 following that assertion, earlier than dropping to its present worth of $40.41. Benchmark January Brent futures hit an intraday excessive of $forty five.Seventy three, before additionally dropping to $45.Fifty one.