13.04.2015 - Oil Rate Of $55-60 Is To Remain For A Long Time
There is not even a single positive sign indicating the possible improvement of the oil prices in the near future. The rate of $55-60 is to remain for a long time. Oil production is still at its peak and even a little higher after Saudi Arabia made announcements about maintaining production at 10.5 million barrels. Part of it will be required for meeting the local demand during summer season while ensuring to keep a firm grip on its global market share. Oil prices are still within the range of $53-55 without any hope of increasing to $60 per barrel which is the market expectation. These prices are bound to remain for some time even though some oil analysts are predicting that the prices could fall to as low as $40 due to introduction of more oil into the market by Iran and Iraq, while Saudi Arabia is pushing for higher daily production of more than 10 million barrels...............................................Full Article: Source
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