"Now the prices are around $45-$55, and I think maybe they reached the bottom and will see some rebound very soon," OPEC Secretary-General Abdulla al-Badri said on Monday, according to Reuters.
If that wasn't enough to put oil bears on the back foot, at least temporarily, Badri also said it would be possible to see crude climb to $200 a barrel or higher "if you don't invest in oil and gas," Bloomberg reported.
That is an interesting scenario, since shale production is seen as relatively resilient, with firms able to ramp production up in relatively short order as prices rise.
It also stands in contrast to remarks by Prince al-Waleed bin Talal, the billionaire Saudi businessman, who earlier this month predicted oil would never again trade north of $100 a barrel'
No comments:
Post a Comment