{"id":872,"date":"2014-10-30T06:30:06","date_gmt":"2014-10-30T10:30:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=872"},"modified":"2014-10-30T06:30:06","modified_gmt":"2014-10-30T10:30:06","slug":"opec-head-tells-oil-market-to-stop-panicking-about-prices-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=872","title":{"rendered":"OPEC Head Tells Oil Market to Stop Panicking About Prices – Bloomberg"},"content":{"rendered":"

OPEC Head Tells Oil Market to Stop Panicking About Prices – Bloomberg<\/a>.<\/p>\n

Everyone in the oil market should stop panicking because crude supply and demand will return to equilibrium, OPEC\u2019s Secretary-General said.<\/p>\n

Members of OPEC, who pump about 40 percent of the world\u2019s oil, aren\u2019t waging a price war and haven\u2019t demanded an emergency response to the plunge in crude futures, Abdalla El-Badri said at the Oil & Money conference in London yesterday. While the direction of\u00a0oil prices<\/a>, which have collapsed about 25 percent since June, remains unclear in the short term, they will have to rebound to guarantee long-term supply, he said.<\/p>\n

\u201cWe don\u2019t see really fundamental changes in the supply side or the demand side,\u201d El-Badri told reporters during a briefing at the event. \u201cUnfortunately everyone is panicking. The press is panicking, consumers are panicking. We really should think and see how this will develop.\u201d<\/p>\n

Crude collapsed into a\u00a0bear market<\/a>\u00a0this month as\u00a0Saudi Arabia<\/a>\u00a0and other producers deepened price discounts for their oil. U.S. crude production climbed to the highest level in at least 31 years last week as the shale boom moved the country closer to energy independence. Global consumption will increase this year at the slowest pace since 2009, according to the\u00a0International Energy Agency<\/a>.<\/p>\n

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

OPEC Head Tells Oil Market to Stop Panicking About Prices – Bloomberg. Everyone in the oil market should stop panicking because crude supply and demand will return to equilibrium, OPEC\u2019s Secretary-General said. Members of OPEC, who pump about 40 percent of the world\u2019s oil, aren\u2019t waging a price war and haven\u2019t demanded an emergency response […]<\/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":[11,594,600,763],"class_list":["post-872","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-abdalla-el-badri","tag-oil-prices","tag-opec","tag-supply-demand"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/872","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=872"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/872\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}