OPEC
Re: OPEC
You wonder if the OPEC assumptions--or PR assumptions will affect the Raymond James price projections, since they're
now talking end of 2017 as the rebalance point:
<<Whether Saudi Arabia and Iran can narrow the gap, will determine the fate of the oil market and industry in 2017. The stakes are high: the head of the International Energy Agency said on Tuesday that oil supply will exceed demand until late next year.
"We don’t see the oil market re-balancing until late 2017" unless there’s a “major intervention,” IEA Executive Director Fatih Birol said in Algiers.
Goldman Sachs Group Inc., the biggest Wall Street bank in commodities, added to the pessimism, saying in a report to clients on Tuesday that the near-term oil "supply-demand balance is weaker than previously expected." The bank lowered its price forecast for New York oil futures for the fourth quarter to $43 a barrel, down from $50 a barrel.>>
now talking end of 2017 as the rebalance point:
<<Whether Saudi Arabia and Iran can narrow the gap, will determine the fate of the oil market and industry in 2017. The stakes are high: the head of the International Energy Agency said on Tuesday that oil supply will exceed demand until late next year.
"We don’t see the oil market re-balancing until late 2017" unless there’s a “major intervention,” IEA Executive Director Fatih Birol said in Algiers.
Goldman Sachs Group Inc., the biggest Wall Street bank in commodities, added to the pessimism, saying in a report to clients on Tuesday that the near-term oil "supply-demand balance is weaker than previously expected." The bank lowered its price forecast for New York oil futures for the fourth quarter to $43 a barrel, down from $50 a barrel.>>