Predicting oil prices
Bulging stocks, US output gains and Opec's need to make further production cuts are derailing a recovery in oil prices, according to AOGC 2017’s conference chairman
Rising inventories suggest oil prices could well head down before any recovery, though the crude market is likely to reach balance earlier than its gas counterpart, according to Fereidun Fesharaki, AOGC 2017 conference chairman. "What impacts the price is not actually supply-demand fundamentals. The paper players—the speculators in the market—they only watch one thing: inventories," he told delegates. With a luminous crystal ball at his side to inform his future-gazing, Fesharaki, chairman of consultancy FGE, said that while players across the oil industry had done a remarkable job in ensuring compliance with production cuts demanded by Opec, oil inventories were stubbornly refusing to go do
Also in this section
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
8 May 2024
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain
7 May 2024
Ample stocks and a soft demand outlook will limit how much LNG Europe can import this year