Leading Industry experts says if OPEC sticks to its deal, oil price will remain at US$50. According to expert, the oil market was a roller coaster... (Apr,04)
Leading Industry experts says if OPEC sticks to its deal, oil price will remain at US$50.
According to expert, the oil market was a roller coaster year for oil prices. Iranian oil flooded onto world markets after sanctions were lifted, OPEC squabbled over production levels and then ended the year with a rare agreement to cut supply.
The agreement was to co-operate with non-OPEC countries. They convinced that they would cut their production. After starting the year around $30 a barrel, prices plunged to $26 in February (the lowest since 2003). Then the oil price jumping back above $50 in the current month.
Leading industry experts say if oil producing stick to their deal and cut supply by nearly 1.8 million barrels per day, prices should stay above $50.
"I know the countries are serious about this agreement and Russia is clearly very serious about participating in that, There is no question in my mind that if this agreement stays intact the floor will be around $50 " BP CEO (chief executive officer) Bob Dudley told CNNMoney.
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