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Oil at $ 35 very soon
Ahraralhijaz - predicted economic Fahd bin Juma writer Oil falls to $ 35 minimum, and not, as predicted City Bank report that prices come down again to $ 20 a barrel.
Bin Juma said in an interview with Channel "Arab" The demand is weak and stocks confluent and therefore the US crude oil below $ 50, and this is a reflection of several factors, most notably the inventory glut.
He denied that the predictions that supplies fell slightly during the last period, stressing that the slight incline in the last few weeks is purely speculative movement led to this increase, there is no shortage of supplies from OPEC and outside OPEC.
Bin Juma said that all OPEC members are producing at full production capacity while Saudi Arabia it has a spare capacity of more than 3 million barrels per day, which benefit them in the market adjust.
He believed that the strategic objectives of the Kingdom of Saudi Arabia differed because you want to maintain market share, so says Saudi Arabia and other countries outside OPEC If you want to price rises upon you adjust production.
He reiterated the unwillingness of the Kingdom in the loss of market share, then you lose the market and after losing the high-cost prices when a competitor of Saudi oil in a future phase of the oil becomes Vtkon lost twice.
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