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Page added on December 5, 2015
IEA Chief Forecast for $80 Oil
Oil prices will start climbing in 2017, rising to $80 a barrel in coming years as production declines in some regions and global demand continues to grow, the executive director of the International Energy Agency said Tuesday. Robust output in the U.S., Saudi Arabia and other countries has resulted in a glut of crude , which has pushed oil prices down about 40% in the past year. U.S. and global prices are currently hovering slightly above $40 a barrel . Oil prices at $50 a barrel or lower are “not sustainable,” said Fatih Birol, head of the IEA, in an interview with The Wall Street Journal. Mr. Birol’s comments reiterate the agency’s forecasts released last month. The Paris-based IEA expects production in nations outside the Organization of the Petroleum Exporting Countries to drop by more than 600,000 barrels a day in 2016, the largest decline since 1992, as […]
4 Comments on "IEA Chief Forecast for $80 Oil"
shortonoil on Sat, 5th Dec 2015 1:55 pm
“which has pushed oil prices down about 40% in the past year. which has pushed oil prices down about 40% in the past year.”
Actually, WTI has fallen 60.2% over the last 18 months, but let’s not let a little reality corrupt a good fantasy line. The price is going up, the oil industry will be saved, the economy will again boom, and there will be a hormone laced, antibiotic soaked chicken in every pot.
Would Goldilocks please take her cue, and exit stage right. This fairy tale is getting old!
makati1 on Sat, 5th Dec 2015 7:26 pm
Wishful thinking…
Davy on Mon, 7th Dec 2015 7:05 am
Peripheral economies and currencies begin to crack. Economic hyperthermia is starting. Who is next?
“It Begins: Desperate Finland Set To Unleash Helicopter Money Drop To All Citizens”
http://www.zerohedge.com/news/2015-12-06/it-begins-desperate-finland-set-unleash-helicopter-money-drop-all-citizens
“Over the last few months, in a prime example of currency failure and euro-defenders’ narratives, Finland has been sliding deeper into depression. Almost 7 years into the the current global expansion, Finland’s GDP is 6pc below its previous peak. As The Telegraph reports, this is a deeper and more protracted slump than the post-Soviet crash of the early 1990s, or the Great Depression of the 1930s. And so, having tried it all, Finnish authorities are preparing to unleash “helicopter money” to save their nation by giving every citizen a tax-free payout of around $900 each month!”
Davy on Mon, 7th Dec 2015 7:15 am
Just so people do not feel too strong I am presenting an anti-Asia spin here. This is coming to the US soon. We just need out equity and bond markets to crack. That will happen soon enough. Once that happens the velocity of activity will decline further putting more angry lied to sheeples into the streets of already angry cities full of guns.
“NYT Reports On The “Biggest Risk Facing China” As Beijing Launches “Unprecedented” Crackdown On Angry Workers”
http://www.zerohedge.com/news/2015-12-06/nyt-reports-biggest-risk-facing-china-beijing-launches-unprecedented-crackdown-angry
“However, as we warned one month ago, one Chinese risk, perhaps the biggest one, which has so far crept deep under the radar, is also the biggest one – which may explain why so few have noticed it – namely social discontent, resulting from a breakdown in recent “agreeable” labor conditions, wage cuts and rising unemployment, leading to labor strikes and in some cases, violence.
To be sure, over the past few months we have chronicled several such incident which suggest that the labor market is rapidly becoming China’s biggest risk factor”