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Page added on April 13, 2014
This will be a stable year for oil
Evaluation is by the Secretary General of Opec, Abdallah El-Badri. ‘The market as relatively balanced, and we expect this to be the case for the rest of 2014’, he said.
The oil market should stay balanced in 2014, unless there is some unexpected development, said the secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Abdallah El-Badri, this Friday (11th).
“Looking at the current situation, we see the market as relatively balanced, and we expect this to be the case for the rest of 2014”, he said after the 15th International Oil Summit, an annual meeting attended by the main operators of the sector in Paris.
Badri: technological advance will expand the limits of oil
“But today we hear very few voices talking about ‘peak oil’. There are clearly plenty of available resources – both conventional and non-conventional – to meet expanding future oil demand,” said the executive.
“Of course, peak oil will come one day. It is a non-renewable resource – but not for the foreseeable future.” he added, referring to the development of tight oil production in the US.
According to Badri, the technological progress will allow the oil industry to expand the current limits of “black gold” reserves. “What was once described as ‘impossible’ oil has today become ‘possible’”, he pointed out.
The production of crude oil in the Opec countries is close to 30 million barrels per day. “This is what is required by the market”, said the secretary general. “Presuming that everything will stay the same and that there will be no disturbances to supply”, he stressed.
According to the Opec, the relative stability in the oil price in the past 18 months shows the market’s health.
In Badri’s evaluation, the prices are at an acceptable level for producers and consumers. He insisted that Opec does not look for a “target-price”, but a “stable price” that does not affect global economic growth.
5 Comments on "This will be a stable year for oil"
Don35 on Sun, 13th Apr 2014 12:44 am
Translated – “fasten your seat belts, it will be one hell of a ride!” I do tend to be a contrarian. 🙂
Makati1 on Sun, 13th Apr 2014 4:53 am
Don, as you said, these days, just the opposite of that published, is the real truth. The US is persecuting the two largest holders of recoverable oil, Iran, and Russia. Not a good way to provide ‘stability’.
GregT on Sun, 13th Apr 2014 4:57 am
“The US is persecuting the two largest holders of recoverable oil, Iran, and Russia. Not a good way to provide ‘stability’.”
Unless, you happen to be from the East.
Arthur on Sun, 13th Apr 2014 10:20 am
If forced, I would put my money on a ‘stable year for oil’ as well. Unless there is a war of course. So far the only war that is likely is a civil war in the Ukraine.
nemteck on Sun, 13th Apr 2014 6:35 pm
El Bardi: “What was once described as [technically]‘impossible’ oil has today become ‘possible’”.
That is only because the prize is high enough.