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
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
