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Commodities Briefing - Categorized | Market Moves, Oil more

Oil below $100 exposes widening divide in OPEC pain thresholds

Posted on 27 June 2013

Oil’s fall below the $100 a barrel favoured by OPEC exposes the deepening divide between countries in the group better able to cope with a lower price and those most hurt by it, making collective action to halt any further price slide harder. The price of oil dropped below $100 this week from a 2013 high of $119.17 in February, pressured by lacklustre demand and ample supply.
While a sustained sub-$100 Brent is bearable for Saudi Arabia, it puts a strain on others such as Iran. There is no immediate prospect of the Organization of the Petroleum Exporting Countries cutting supply to boost the price, not least because top producer Saudi Arabia — which would lead any cutback — has financial reserves that will help it endure oil at $80 or $90………………………………………..Full Article: Source


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