Unstoppable Force Meeting Immovable Object Stumps Oil Market - Bloomberg:
"The oil market is battling with a paradox: what happens when the unstoppable force of OPEC production cuts and soaring global demand meets the immovable object that’s U.S. shale? The answer will determine not only the price of crude, already at its highest in two years near $60 a barrel, but also the fortune of Big Oil companies and energy-rich countries from Saudi Arabia to Russia and Brazil. For many at the annual Asia-Pacific Petroleum Conference in Singapore, one of the global oil industry’s biggest events, the clash means prices will remain in a narrow band of $50-$60 a barrel the rest of the year and into 2018. Yet a growing minority -- notably oil trading giant Trafigura Group -- believe the paradox will be resolved next year as U.S. shale proves it isn’t an immovable object that can continue capping prices."
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