07.01.2014 - Libya, Iraq and China to test OPEC’s resolve in 2014
The New Year has started with some decidedly bearish action in the oil market. The price of Brent crude oil, the benchmark for much of the world’s non-U.S. oil trade, has fallen by $5 since the Saudi oil minister, Ali al-Naimi, made his final pronouncement of 2013. “Please don’t talk about cuts,” Mr. Naimi said when asked if OPEC may consider a cut next year. “There are no cuts.” “People are expecting a shortage in supply, not oversupply,” he said. The new year’s first price movements suggest otherwise, at least in the near term. The daily drip of news from Libya, where oil fields are starting, stopping and starting again like a 30-year-old car, is like catnip to futures investors...............................................Full Article: Source
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