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Commodities Briefing - Categorized | Oil, Price Watch more

Oil price forecast for 2013-2014: Falling prices

Posted on 03 May 2013

Oil prices are headed down, and I mean down at least $20 a barrel. The key reason is that prices have been high. It’s not a paradox, but a result of the long time lags in oil production.
Oil prices were fairly stable from 1986 through 2001, averaging just $20 per barrel. Then prices started rising, spiking to $134 just as the recession began. The price of oil has been above $80 for the past two and a half years. With rising prices has come a dramatic increase in exploration activity. During the era of low prices, the number of drilling rigs in operation around the world was 1,900 on average; now we are at nearly double that pace, and we have been for nearly three years………………………………………..Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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