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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC warned on 2014 crude oil supply glut

Posted on 22 January 2014

Leo Drollas, the head of the Saudi-backed, London-based Centre for Global Energy Studies in a 3 December interview with New Europe on the eve of the 4 December OPEC meeting, itemized several supply-side reasons why present high oil prices are not forever.
Apart from the USA’s record-breaking output of oil driven by its shale-oil production, Drollas said: “Next year, Iraqi oil will increase by 300,000 barrels a day, we think at least, there will be 250,000 more from Venezuela, there will be possibly 1 more million barrels from Iran, when Iran comes back, and Libyan oil should return”……………………………..Full Article: Source


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