{"id":4913,"date":"2015-01-27T21:12:21","date_gmt":"2015-01-28T02:12:21","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4913"},"modified":"2015-01-27T21:12:21","modified_gmt":"2015-01-28T02:12:21","slug":"opec-chief-claims-oil-will-rebound-higher-than-in-2008","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4913","title":{"rendered":"OPEC Chief Claims Oil Will Rebound Higher Than In 2008"},"content":{"rendered":"

OPEC Chief Claims Oil Will Rebound Higher Than In 2008<\/a><\/h3>\n

OPEC\u2019s secretary-general says the 7-month-old plunge in oil prices finally may have bottomed out and may be ready to rise again. In fact, Abdullah al-Badri hypothesized that a decision by his cartel to cut production conceivably could lead to oil at $200 a barrel.<\/p>\n

\u201cNow the prices are around $45 to $55 [per barrel], and I think maybe they reached the bottom and will see some rebound very soon,\u201d\u00a0al-Badri said Monday in an interview with Reuters<\/a>\u00a0in London, and if OPEC cut production, that price certainly would rise, perhaps to unimaginable levels.<\/p>\n

\u201cSuppose we cut production, and then we\u2019ll have spare capacity,\u201d he said. \u201cProducers, when they have excess capacity, they will not invest [in new sources of oil]. If they do not invest, there will be no more supply. If there is no more supply there will be a shortage in the market after 3-4 years, and the price will go up and we\u2019ll see a repetition of 2008.\u201d<\/p>\n

Related:\u00a0Did Saudi Arabia Just Flinch?<\/strong><\/a><\/p>\n

In a separate interview with The Telegraph<\/a>, al-Badri recalled that in 2008, a similar lack of investment drove the price of a barrel of oil as high as $147, though it quickly crashed with the onset of the global financial crisis. But in the current climate, he said, the market could \u201crebound back higher that the $147 we saw in 2008\u201d \u2013 perhaps even as high as $200 per barrel.<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC Chief Claims Oil Will Rebound Higher Than In 2008 OPEC\u2019s secretary-general says the 7-month-old plunge in oil prices finally may have bottomed out and may be ready to rise again. In fact, Abdullah al-Badri hypothesized that a decision by his cartel to cut production conceivably could lead to oil at $200 a barrel. \u201cNow […]<\/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":[1968,592,1775,2959,595,600,701],"class_list":["post-4913","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-abdullah-al-badri","tag-oil-price","tag-oil-price-collapse","tag-oil-price-rebound","tag-oil-production","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4913","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=4913"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4913\/revisions"}],"predecessor-version":[{"id":4914,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4913\/revisions\/4914"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}