GREY:LSTMF - Post by User
Comment by
PeterWrighton Dec 15, 2015 10:06am
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Post# 24385125
RE:OPEC says low oil price won't continue, may rise within year
RE:OPEC says low oil price won't continue, may rise within yearThe Saudis have already been removed as swing producer and that is the problem. You will never get a coordinated cut in production. It would be almost impossible to do that in the US alone. We just have to be patient and let production decline due to these low prices. Oil should hit $50 at some point in the second half of net year and hopefully close the year around $55. I think $70 oil is a long term dream. The cost of production keeps declining and the war on carbon emitions will slow demand increases in the future.
Oil has started down the same path that Natural gas started down in 2008 when it was trading above $13.