Posted on 09/14/2015 5:25:36 AM PDT by thackney
Top oil exporter Saudi Arabia sees no need to hold a summit of producing countries’ heads of state if such discussions would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar’s emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
Oil prices have more than halved since summer last year on an oversupplied market as well as a decision by OPEC to defend market share and discourage competing supply sources, rather than cut its output in the face of cheaper crude.
Riyadh believes it is best not to interfere in the market at present, the sources told Reuters on condition of anonymity.
One OPEC source said that should such a meeting produce no concrete outcome, it would have a negative impact on prices.
“If we are meeting for the sake of meeting, it would backfire,” the source said.
(Excerpt) Read more at english.alarabiya.net ...
OPEC Cuts Forecast of Oil Supplies From Nonmembers in 2015
http://www.wsj.com/articles/opec-cuts-forecast-of-oil-supplies-from-nonmembers-in-2015-1442228400
Sept. 14, 2015
The Organization of the Petroleum Exporting Countries cut its forecast of oil supplies from nonmember countries in 2015, a sign that crude’s price collapse is hitting U.S. shale drillers and other competing sources.
In its closely watched monthly oil market report, OPEC Monday lowered its projection for non-OPEC supply in 2015 by about 72,000 barrels a day, to 880,000 barrels a day, because of lower-than-expected output in the U.S.
“U.S. oil production has shown signs of slowing,” OPEC said in the report. “This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come.”
OPEC revised up the demand for its crude this year by about 400,000 barrels a day to 29.3 million barrels. That is 2.2 million a day less than the group’s 12 members pumped last month.
OPEC revised up its forecast for oil demand growth in 2015 to 1.46 million barrels a day, a higher rate than previously expected, led by growth in the Organization for Economic Cooperation and Development, a group of the world’s richest nations.
The oil-producing group cut its demand growth projection for 2016 to 1.29 million barrels a day, because of slower economic momentum in China and Latin America.
excerpted...
Big question is, when can we expect gas prices to drop below the $2.00/gallon price? I’m about to make a 2500 mile trip and could use the extra $ saved on gasoline.
That depends where you are and where you are going.
Prices in my area are already dropping below $2. Below $1.70 in some areas.
http://www.texasgasprices.com/
http://www.southcarolinagasprices.com/
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