{"id":937,"date":"2014-10-31T20:27:17","date_gmt":"2014-11-01T00:27:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=937"},"modified":"2014-10-31T20:27:17","modified_gmt":"2014-11-01T00:27:17","slug":"opec-chief-warns-against-oil-price-panic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=937","title":{"rendered":"OPEC Chief Warns Against Oil Price Panic"},"content":{"rendered":"<p><a href=\"http:\/\/oilprice.com\/Latest-Energy-News\/World-News\/OPEC-Chief-Warns-Against-Oil-Price-Panic.html\">OPEC Chief Warns Against Oil Price Panic<\/a>.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">OPEC Secretary-General Abdalla Salem el-Badri says he doesn\u2019t expect demand for the cartel\u2019s oil or its production levels to change in the coming year, and he is urging member states not to be alarmed by oil\u2019s current low prices.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">\u201cDon\u2019t panic,\u201d el-Badri\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/online.wsj.com\/articles\/opec-chief-says-lower-oil-price-to-dent-tight-oil-output-1414580640\">said Oct. 29<\/a>\u00a0at an impromptu news conference in London, where he was attending a conference. \u201cI am sure the market will balance itself.\u201d<\/p>\n<p><span class=\"Apple-style-span\" style=\"color: #393939; font-family: Arial, Tahoma, Verdana, Helvetica, sans-serif; font-size: 14px; line-height: 20px;\"><\/span><span class=\"Apple-style-span\" style=\"color: #393939; font-family: Arial, Tahoma, Verdana, Helvetica, sans-serif; font-size: 14px; line-height: 20px;\">The concern, if not the panic, already is present. The price of the global petroleum benchmark, Brent crude, plunged a little more than $87 a barrel the day he made those comments &#8212; nearly $30 less than it was in June, a loss of about one-fourth of its value.<\/span><\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">Al-Badri shrugged off this loss, saying he wasn\u2019t worried because price fluctuations don\u2019t reflect \u201cthe fundamentals\u201d of the oil market. \u201cDemand is still growing, supply is also growing. OPEC is reviewing the situation,\u201d\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.reuters.com\/article\/2014\/10\/29\/opec-oil-idUSL5N0SO28020141029\">he said<\/a>. \u201cThere is nothing wrong with the market.\u201d<\/p>\n<div><\/div>\n<div>&#8230;click on the above link to read the rest of the article&#8230;<\/div>\n","protected":false},"excerpt":{"rendered":"<p>OPEC Chief Warns Against Oil Price Panic. OPEC Secretary-General Abdalla Salem el-Badri says he doesn\u2019t expect demand for the cartel\u2019s oil or its production levels to change in the coming year, and he is urging member states not to be alarmed by oil\u2019s current low prices. \u201cDon\u2019t panic,\u201d el-Badri\u00a0said Oct. 29\u00a0at an impromptu news conference [&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":[12,594,600,694],"class_list":["post-937","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-abdalla-salem-el-badri","tag-oil-prices","tag-opec","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/937","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=937"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/937\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}