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The fall in oil prices has bottomed out and the oil market is about to repair itself

The fall in oil prices has bottomed out and the oil market is about to repair itself

  • Categories:Corporate news
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  • Time of issue:2020-10-16
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(Summary description)In a recent speech in London,the SECRETARY general of THE ORGANIZATION of the Petroleum Exporting Countries(OPEC)said that the current international oil price has fallen to the lowest point of$45 to$55 a barrel,and pointed out that the oil price will rebound in the future,and could quickly rise to$200 a barrel,but did not give the exact time.The OPEC secretary general is not the only one who thinks oil prices have hit bottom.It is usually hard to believe,but coming from him carries weight.

The fall in oil prices has bottomed out and the oil market is about to repair itself

(Summary description)In a recent speech in London,the SECRETARY general of THE ORGANIZATION of the Petroleum Exporting Countries(OPEC)said that the current international oil price has fallen to the lowest point of$45 to$55 a barrel,and pointed out that the oil price will rebound in the future,and could quickly rise to$200 a barrel,but did not give the exact time.The OPEC secretary general is not the only one who thinks oil prices have hit bottom.It is usually hard to believe,but coming from him carries weight.

  • Categories:Corporate news
  • Author:
  • Origin:
  • Time of issue:2020-10-16
  • Views:0
Information
OPEC secretary General Abdulla al-Badri says oil prices have hit bottom and a drop in crude production could send prices as high as$200 a barrel.
In a recent speech in London,the SECRETARY general of THE ORGANIZATION of the Petroleum Exporting Countries(OPEC)said that the current international oil price has fallen to the lowest point of$45 to$55 a barrel,and pointed out that the oil price will rebound in the future,and could quickly rise to$200 a barrel,but did not give the exact time.The OPEC secretary general is not the only one who thinks oil prices have hit bottom.It is usually hard to believe,but coming from him carries weight.
Abdullah al-Badri's comments do not mean that OPEC will change its previous strategy of stabilizing oil production and step in to boost the oil market,but rather that oil companies will cut production sharply and allow the market to repair itself,eventually leading to a recovery in oil prices.In addition,the number of U.S.Wells is declining,which usually means a bottom for oil prices.However,Abdullah warned that reduced investment would result in future oil production exceeding supply.
Global oil companies will need to produce 200 billion barrels of oil to meet demand over the next 15 years.However,these production capacities will require investment of between$7 million and$100 trillion.With crude prices falling since last year,oil companies have delayed as much as$150 billion in investment,and it is still years before that investment translates into real productivity,so a rapid recovery is likely.
He also pointed out that for OPEC countries to stabilize oil production,although low oil prices have a negative impact on the economy in the short term,they will take a larger share of the market when oil prices recover in the future.

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