{"id":3120,"date":"2014-12-16T19:33:00","date_gmt":"2014-12-17T00:33:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3120"},"modified":"2014-12-16T19:33:00","modified_gmt":"2014-12-17T00:33:00","slug":"opec-denies-price-war-shows-faith-in-markets","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3120","title":{"rendered":"OPEC Denies Price War, Shows Faith In Markets"},"content":{"rendered":"

OPEC Denies Price War, Shows Faith In Markets<\/a>.<\/p>\n

OPEC Secretary-General Abdullah al-Badri is urging the cartel\u2019s 12 members to maintain production and exploration despite a lower demand for oil.<\/p>\n

Yet al-Badri told an energy conference in Dubai on Dec. 14 that he is as baffled as anyone why the price of oil has dropped by so much in recent days. \u201cThe fundamentals should not lead to this dramatic reduction [in price],\u201d\u00a0Badri said<\/a>, according to his Arabic-English interpreter.<\/p>\n

As for sustained exploration and production during a period of low demand, al-Badri said such a strategy would\u00a0prevent a shortage of supply<\/a>\u00a0once demand eventually is restored. He said oil customers, particularly the United States, will need OPEC\u2019s oil for years to come.<\/p>\n

Related:\u00a0Iran Leader Says US Not Only Target Of Suspected Saudi Oil Price War<\/span><\/strong><\/a><\/p>\n

It was the first time that al-Badri had commented on the state of oil prices since Nov. 27, when OPEC, led by Saudi Arabia, refused to cut production levels from 30 million barrels a day in the face of an oil glut and its attendant price drop.<\/p>\n

It also was the first comment by anyone in OPEC about thecartel\u2019s own forecast<\/a>, issued Dec. 9, showing that next year\u2019s demand for oil will decline to 28.9 million barrels per day, 280,000 barrels lower than the previous month\u2019s forecast and the lowest in 12 years. Reports by other energy monitoring agencies show similar drops in demand.<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC Denies Price War, Shows Faith In Markets. OPEC Secretary-General Abdullah al-Badri is urging the cartel\u2019s 12 members to maintain production and exploration despite a lower demand for oil. Yet al-Badri told an energy conference in Dubai on Dec. 14 that he is as baffled as anyone why the price of oil has dropped by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[1968,1775,595,600],"class_list":["post-3120","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-abdullah-al-badri","tag-oil-price-collapse","tag-oil-production","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3120"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3120\/revisions"}],"predecessor-version":[{"id":3121,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3120\/revisions\/3121"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}