02-22-2015, 03:42 AM
The rally in oil will dissipate and prices will decline to $39/bbl in New York, Goldman Sachs Group Inc. said, maintaining an earlier forecast. Continued equity issuance by oil explorers in the past week will “exacerbate” a global oversupply as a necessary pullback in U.S. production is delayed, Jeff Currie, the bank’s New York-based head of commodities research, said in an interview on Bloomberg Television. Oil’s rebound over the past month was driven by demand from retail investors, Currie said.
Goldman Sachs sticks to call for $39 oil as rally to reverse
It's a painful time to be in the oil business. With the price of crude oil about half what it was six months ago, companies large and small are being pressured to cut costs. On the front lines are oil services companies that do everything from drilling to providing electrical power at well sites. Hundreds of thousands of jobs are threatened as companies try to adjust.
As Oil Prices Tank, Firms Large And Small Feel The Pain : NPR
Oil is the lifeblood of the Libyan economy. Prior to the 2011 revolution that toppled Muammar Gaddafi, Libya produced some 1.6 million barrels a day, exported mostly to Italy, Germany, Spain, and France. Natural gas and oil revenues made up nearly 96% of government revenue, propping up a vast public sector and providing millions of Libyans with their main source of income.
The Battle for Libya’s Oil - Al Jazeera English
New signs of surging U.S. oil supplies have further bolstered the view that after an eight-month rout for the oil price, the Organization of the Petroleum Exporting Countries (OPEC) has lost its grip on the oil market. But Saudi Arabia's tactics mark a shift in policy rather than an irreversible loss of market share according to Barclays, who say the top OPEC exporter is shaping up to be the "most flexible oil supplier on the planet".