Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
Oil above $100? Never again, says Saudi Prince Alwaleed (William Watts, MarketWatch) The Suadi billionaire businessman says that $100 a barrel was an artificially high price which will never be seen again. Furthermore he says that if production levels remain near current numbers and the weak growth in oil demand continues the price of oil has more price decline to come. He says that the price decline would be occurring with or without a Saudi price cut because of excess global production so it was a "smart strategy" to refuse a production cut to maintain market share. See also next article.
Oil Producers Betting on Price Drop With OPEC Not Curbing Output (Dan Murtaugh, Bloomberg) Goldman Sachs is picking the $40 vicinity as a bottom target for WTI Crude oil. At the time this article was written the price of oil in New York was $46.34. Goldman is forecasting $65 as the new 12-month forward expectation for WTI crude ($70 for Brent crude). See Oil’s new normal is lower for longer: Goldman (CNBC) and also next article.
When, and where, oil is too cheap to be profitable (John W. Schoen, CNBC) These numbers keep changing, mostly continuing to come down, The latest from CNBC is that if oil drops to $40 a barrel, 98.4% of the wolrd's oil production is still profitable. But, dropping into the $30s would start making much more production unprofitable. Those numbers seem a little inconsistent with the figures displayed in the video that accompanies this article (below).
Articles about events, conflicts and disease around the world
AirAsia Flight 8501
Race Relations and Related News
NSA / CIA
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