| One expert sees downside risk to oil, now that OPEC has decided to maintain its production target of 30 million barrels a day. Jamie Webster, Senior Director for Global Oil Markets at IHS says over the next couple of months, there’s more downside risk to prices, which he believes could fall into the upper $50 a barrel range.
He said the recently drift higher in prices could re-incentivize U.S. shale producers to increase production, which would then put pressure on prices. Webster sees demand growth this year at 1.3-million barrels a day, more than double last year’s numbers, but demand isn’t strong enough to overwhelm excessive supply. He sees strong demand for oil within the United States, and ‘sizeable demand growth’ within China...............................................Full Article: Source
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