Crude’s big slide… how low can it go?… (Video)

[Reporterman]

I don’t think it can go below $80, says Carl Larry, Oil Outlooks and Opinions, sharing his thoughts on OPEC’s high stakes game of chicken with oil prices…

Video link to the topic (detalis) >>> http://businessmediaguide.com/crudes-big-slide-how-low-can-it-go/

 

[Johan.21]

OPEC, which enjoys a vast majority of the available oil doesnot look to cut the production very soon with Saudi Arabia decling to do the needful in order to save its market share. US, Canadian, and Mexican oil production has begun to cap wells, because it's now too expensive to produce oil for them. Overall, global demand for oil has slowed significantly, especially with China approaching at least a slow down if not an outright recession. Finally, the sanctions on the Iraq are now finally lifted by the Western Powers and EAI expects the output to rise to 3.1M barrels a day in 2016 from 2M barrels in 2015 adding more to the supply glut. I expect the prices to fall to $25 barrels this week.

 

[Sumita]

OPEC, which enjoys a vast majority of the available oil doesnot look to cut the production very soon with Saudi Arabia decling to do the needful in order to save its market share. US, Canadian, and Mexican oil production has begun to cap wells, because it's now too expensive to produce oil for them. Overall, global demand for oil has slowed significantly, especially with China approaching at least a slow down if not an outright recession. Finally, the sanctions on the Iraq are now finally lifted by the Western Powers and EAI expects the output to rise to 3.1M barrels a day in 2016 from 2M barrels in 2015 adding more to the supply glut. I expect the prices to fall to $25 barrels this week.

Yes Johan.21, I pretty much agree with you.
This global supply glut and worries caused by China is likely to impact crude oil brutally.