{"id":4407,"date":"2015-01-12T06:38:13","date_gmt":"2015-01-12T11:38:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4407"},"modified":"2015-01-12T06:38:13","modified_gmt":"2015-01-12T11:38:13","slug":"oil-producers-betting-on-price-drop-with-opec-not-curbing-output","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4407","title":{"rendered":"Oil Producers Betting on Price Drop With OPEC Not Curbing Output"},"content":{"rendered":"<p><a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-11\/oil-producers-betting-on-price-drop-with-opec-unbending-energy.html\" target=\"_blank\"><span class=\"Apple-style-span\">Oil Producers Betting on Price Drop With OPEC Not Curbing Output<\/span><\/a><\/p>\n<p>The oil industry was listening as OPEC talked down crude prices to a more than five-year low.<\/p>\n<p>Drillers, refiners and other merchants\u00a0<a class=\"web_ticker\" title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/CFCDQPMN:IND\">increased<\/a>bets on lower prices to the most in three years in the week ended Jan. 6, government data show. Producers idled the most rigs since 1991, with some paying to break leases on drilling equipment.<\/p>\n<p>Companies are hedging more and drilling less amid concern that the biggest slump in prices since 2008 will continue. Oil dropped for a seventh week after officials from\u00a0<a href=\"http:\/\/topics.bloomberg.com\/saudi-arabia\/\">Saudi Arabia<\/a>, the\u00a0<a href=\"http:\/\/topics.bloomberg.com\/united-arab-emirates\/\">United Arab Emirates<\/a>\u00a0and\u00a0<a href=\"http:\/\/topics.bloomberg.com\/kuwait\/\">Kuwait<\/a>reiterated they won\u2019t curb output to halt the decline.<\/p>\n<p>\u201cProducers are desperately hedging their production in a drastically falling market,\u201d\u00a0<a href=\"http:\/\/topics.bloomberg.com\/phil-flynn\/\">Phil Flynn<\/a>, a senior market analyst at the Price Futures Group in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/chicago\/\">Chicago<\/a>, said by phone Jan. 9. \u201cThey\u2019re trying to lock in prices because they are convinced that the market will stay down for a while.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>WTI slid $6.19, or 11 percent, to $47.93 a barrel on the\u00a0<a href=\"http:\/\/topics.bloomberg.com\/new-york-mercantile-exchange\/\">New York Mercantile Exchange<\/a>\u00a0on Jan. 6, settling below $50 for the first time since April 2009. Futures for February delivery declined $1.02 to $47.34 in electronic trading at 10:06 a.m. London time.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Producers Betting on Price Drop With OPEC Not Curbing Output The oil industry was listening as OPEC talked down crude prices to a more than five-year low. Drillers, refiners and other merchants\u00a0increasedbets on lower prices to the most in three years in the week ended Jan. 6, government data show. Producers idled the most [&hellip;]<\/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":[3],"tags":[1606,1775,595,600,701,2428],"class_list":["post-4407","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-kuwait","tag-oil-price-collapse","tag-oil-production","tag-opec","tag-saudi-arabia","tag-united-arab-emirates"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4407","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=4407"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4407\/revisions"}],"predecessor-version":[{"id":4408,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4407\/revisions\/4408"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}