Posted on 01/21/2015 10:02:40 AM PST by thackney
talian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies.
Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices.
He said that would create longer-term shortages and sharp price rises in four to five years' time.
Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos.
He said: "Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a regular way."
Politicians, economists and industry leaders in Davos have been voicing their worries over the impact of lower prices.
Total and BHP Billiton both said on Wednesday that they would cut back on shale oil projects.
People's Bank of China governor Zhou Xiaochuan said low oil prices could slow down China's development of renewable energy projects.
(Excerpt) Read more at bbc.com ...
OPEC has a bit more than 2 million BPD surplus capacity, most of that is in Saudi.
Of course trying to put more oil on the market today will just drive the price lower, a lot lower. Iraq claims they are doing it anyways.
That's the way life works - everyone does what he has to do, because the bills keep piling up.
Mmmm... I don’t think what I said was ignorant.
Why don’t they all just admit that they don’t have the foggiest idea what oil will cost next week, let alone in 5 years?
Sounds good. I’d like a discounted crew cab 3/4 ton 4WD to pull the horse trailer.
Because they wouldn’t get paid for the next analysts opinion if they did that.
Actually, those on the payroll of most of the larger directional/MWD companies have to have a vehicle less than three years old. There are a few out there now, I’d wager, but they trade those in to dealers for newer ones.
My post was in support of yours, not calling you ignorant.
Whew! Thanks! :-)
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