December 2014

Trends and Resources

HP Industry Perspectives: Oil price—How low can it go?

Oil price volatility returned with a vengeance in October amid worries of slower economic growth, weakening oil demand, an unexpected increase in Libya’s output, and an indication by Saudi Arabia..

Romanow, Stephany, Hydrocarbon Processing Staff

Oil price volatility returned with a vengeance in October amid worries of slower economic growth, weakening oil demand, an unexpected increase in Libya’s output, and an indication by Saudi Arabia that it would not cut output, according to observations by Wood Mackenzie. At press time, US oil prices continue to hover just above $80/bbl for West Texas Intermediate (WTI). The oil price decline is a reaction to possible future weakness in oil demand rather than a sudden change in supply and demand fundamentals. The short-term demand is lower than expected, but the longer-term outlook remains positive, according to Wood Mackenzie’s latest analysis. Key considerations are: The global

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