Posted on 09/10/2014 7:45:13 AM PDT by thackney
OPEC said demand for its crude oil will be lower than expected next year, with a surge in U.S. output potentially bringing its production to levels not seen since the past decade.
In its monthly oil-market report, the Organization of the Petroleum Exporting Countries said it had lowered the estimate of demand for its crude by 200,000 barrels a day for 2015 and by the same amount for this year. As a result, markets will need 300,000 barrels a day less of OPEC crude next year, it said.
OPEC's statement comes after the Brent oil contract—the most widely traded international benchmark—fell below $100 a barrel on Tuesday for the first time in 16 months.
The new OPEC demand forecast would bring its expected production next year to 29.2 million barrels a day, a level not see since the group was forced to slash its output in 2009 following a global financial crisis.
(Excerpt) Read more at online.wsj.com ...
Note: They are not saying there is less demand for oil, but less demand for THEIR oil given US production and others.
If you have trouble with the link, the article can be found by web search of the title, such as:
Good. Death to OPEC.
Maybe, just maybe, in our lifetime we will see the Ragheads wandering the desert again, like days of yore - Lords of only what they can see within their field of vision.
And making love to their livestock...
They still do the livestock thing. Some habits are hard to break.
They’re right and due to Obama who’s been putting people out of employment since 2009..,
0bama is doing his part to make them well.
Maybe it’s True Love, LOL!!
Not after we get through bombing the ISIS held oil facilities.
They’ll blow up real good.
One wonders if the Saudis are able to cut production to try to control price depression, or are they caught in a cash-flow trap where they can’t cut.
And what of the other members? Can they put together a united front under these conditions?
The Saudis are the one that consistently agrees to the cuts, then gets to provide more as the others fall short of their production goals.
You’re probably right.
That’s very true, and probably for the next few years.
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