Originally Posted by PAR

Awe fuck why do I have to agree with you on this... lol

http://www.telegraph.co.uk/finance/o...oil-price.html

Quote:
The drop in the oil price to below $100, the level many Opec members had endorsed, has raised questions over whether Opec will cut supply when it meets in November. Mr Badri said Opec's output was unlikely to change much next year, adding to signs a decision to cut in November is unlikely.


"I don't think 2015 will be far away from 2014 in terms of production," Mr Badri said at the annual Oil & Money conference in London. "There is nothing wrong with the market."
Brent crude has dropped more than a quarter from above $115 per barrel in June as abundant supplies of high-quality oil such as US shale have overwhelmed demand in many markets, filling stocks worldwide.

But lower prices pose a threat to supply outside Opec. While Opec's oil production costs are low, as much as half of shale output would be under threat if prices remain at current levels, Mr Badri said.

"If prices stay at $85, we will see a lot of investment, a lot of oil, going out of the market," he told the conference. "About 65pc of the producers, they have high costs. Not Opec."

Mr Badri did not predict the outcome of Opec's meeting on November 27, saying the decision was up to the group's oil ministers, and appealed for calm over the decline in prices.

"We do not see much change in the fundamentals. Demand is still growing, supply is also growing. Opec is reviewing the situation," he said.