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Outlook: Oil prices will rise dramatically this summer
Wednesday, April 22, 2015
BAGHDAD / follow Baghdadi News / ... announced Founder and Executive Chairman of the PIRA Energy Group Gary Ross, on Wednesday, announced a rise in global oil prices "significantly" in the coming months after it hit bottom a few weeks ago in a wave of depression lasted many months, Although pressure on the supply of supply looming next summer at the earliest.
Ross said that "the magic price cause a rapid return of global demand for oil has led to a sharp sudden collapse in the number of operating drilling rigs in the United States may be a change more difficult than many people expect."
Ross added that "the world has focused in the past six months to get rid of supply."
Ross stressed that "this mentality will change gradually. They will have to start thinking in the formation of supply again and this will translate into much higher than today's prices the prices. Significantly higher."
Spare capacity and diminished in Saudi Arabia with crude production at a record pace, leaving the global market is facing a rise in demand and an increase in political risk during the summer spare capacity may drop to 700 thousand barrels per day, or only about 0.7% of the market.
The Beira and one of the first consulting firms big energy that had been predicted a sharp drop in oil prices last fall, which among other companies - including two companies trading commodities Gianfor and Vitol - that talk about prices to the ultimate decline despite rising US crude stocks to levels exceed the record levels last year, more than 20%. Ended 21 / l
Ross said, "Although we collected a fair amount of stocks and perhaps collect more .. but the worst is over to a large extent."
"The low prices too much, much more .. can not remain so, especially in light of such a low excess capacity."
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Wednesday, April 22, 2015
BAGHDAD / follow Baghdadi News / ... announced Founder and Executive Chairman of the PIRA Energy Group Gary Ross, on Wednesday, announced a rise in global oil prices "significantly" in the coming months after it hit bottom a few weeks ago in a wave of depression lasted many months, Although pressure on the supply of supply looming next summer at the earliest.
Ross said that "the magic price cause a rapid return of global demand for oil has led to a sharp sudden collapse in the number of operating drilling rigs in the United States may be a change more difficult than many people expect."
Ross added that "the world has focused in the past six months to get rid of supply."
Ross stressed that "this mentality will change gradually. They will have to start thinking in the formation of supply again and this will translate into much higher than today's prices the prices. Significantly higher."
Spare capacity and diminished in Saudi Arabia with crude production at a record pace, leaving the global market is facing a rise in demand and an increase in political risk during the summer spare capacity may drop to 700 thousand barrels per day, or only about 0.7% of the market.
The Beira and one of the first consulting firms big energy that had been predicted a sharp drop in oil prices last fall, which among other companies - including two companies trading commodities Gianfor and Vitol - that talk about prices to the ultimate decline despite rising US crude stocks to levels exceed the record levels last year, more than 20%. Ended 21 / l
Ross said, "Although we collected a fair amount of stocks and perhaps collect more .. but the worst is over to a large extent."
"The low prices too much, much more .. can not remain so, especially in light of such a low excess capacity."
[You must be registered and logged in to see this link.]
