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Tuesday, May 12, 2015

Report: OPEC Doesn't Anticipate $100 Oil in Next Decade

From the Wall Street Journal:
The Organization of the Petroleum Exporting Countries does not see oil prices consistently trading at $ 100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with a recent strategy report. 
The report predicted that oil prices will be about $ 76 a barrel in 2025 in OPEC's most optimistic scenario, the people said, a reflection of the cartel's worries that American competitors will be able to cope with low prices and keep pumping out supplies. Also contemplated situations where crude oil costs below $ 40 a barrel in 2025, the people said. 
A price of "$ 100 is not in any of the scenarios," said a delegate at the OPEC strategy presentation last week in Vienna. 
In a statement issued on Tuesday, the OPEC Secretariat "questions the factual accuracy" of the Journal's reporting on its estimates for crude-oil prices and a return to a production quota system, saying such statements "have no basis whatsoever."

"[M] uch of the referenced material is not mentioned by any document that the OPEC Secretariat is currently developing in collaboration with its member countries," the statement said.
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