Wednesday, 28 January 2015

$200 Oil ?! Way to go!

"OPEC Secretary-General Abdullah al-Badri said on Monday prices might have bottomed after the seven-month selloff, and warned of a possible spike to $200 a barrel."
An optimist, eh?  That's what we like to hear!  Last time I recall $200 being mentioned, it was by Putin - oh yes, and Goldman Sachs - back in 2008, when oil was at $147.

Happy days.  Way to go, Abdullah!

ND 

12 comments:

CityUnslicker said...

Hmmm...record levels of oil in storage....record amounts being pumped...falling global demand.

Yup, it's all set for a spike!

Steven_L said...

Maybe his mates want to sell some call options?

Budgie said...

Some of the fall is political, and so we may continue to see further falls (or rises) unconnected to supply and demand. At the moment the political moves coincide with a surplus of supply. But demand for oil continues to rise, albeit more slowly.

All the oil investment cutbacks will remove some surplus production in the future, and this will dawn on people. There is no doubt oil will rise again, the question is when? $200 is way too high, but it wouldn't surprise me to see $70 by year end.

CityUnslicker said...

Budgie, it will be $70 at some point this year. However, there could well be another leg down first from $47.

US extra supply, Iran supply and Iraq supply is outstripping demand - I can't the the impact of the cutbacks announced by the majors having a real impact for over a year or so.

Suffragent said...

And of course the dollar as the least dirty shirt is flying at the moment which is not insignificant. Being on the wrong side of the exchange, it doesn’t help us as much in Europe but it’s really got to be burning the US Shale guys.
I know we have an extremely small oil industry and they’ve got to be hurting but all this negativity about a reduction in costs to the rest of economy, less money to despot mullahs (saving the best till last) and a reduction in influence from the retarded greenies.(sorry but it felt so good to write it in bold). As a group we all have to be better off with lower prices?.......Oh ye less money to vat man to spend on social engineering and remind me again, who lent billions on the expectation that oil prices couldn’t go down? Was it the same group who lent billions on the expectation that house prices couldn’t go down? No, surely it couldn’t be the same guys because the government would have put their house in order before bailing them out the first time.
Bailout 2.0 coming from a pocket near you.

Suffragent said...

and of course I lost the BOLD when I cut and paste from word :-) Always write in word cos my spelling is terrible and I type with builders thumbs.

MyJ.R.EwingName said...

Okay so... being the resident simpleton, I'm assuming that since the oil price collapse caused problems for the world economy, a spike to $200 will have the good times rolling, right?
Right?

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