Published in the Financial Post
OPEC nonetheless maintains an ability to influence day-to-day movements in oil markets. Following the agreement in Algeria, which is essentially an agreement to talk about a future agreement, prices for crude benchmark West Texas Intermediate rose six per cent. Prices slumped again slightly in the following days. Continue
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Published in the Financial Post
“The important question from Saudi Arabia’s perspective, and from every producer’s perspective, is what is the future trajectory of prices compared to the present,” says Omar Al-Ubaydli, a director for the Bahrain Center for Strategic, International and Energy Studies. “Given that they think oil prices are going to be lower in the future — because of electric cars, because governments want to do more to cut emissions and that kind of thing — it makes sense to try to sell as much as they can now.” Continue Quotation: Still-mighty OPEC tries to maintain oil’s recent price gains, considers freezing output"4/15/2016 Published in Financial Post
“This plan that involves all these producers working together is dead on arrival,” said Arlington-based Omar Al-Ubaydli, program director for international and geopolitical studies at the Bahrain Centre for Strategic International and Energy Studies. Al-Ubaydli said the meeting is no more than “political grandstanding,” especially since many oil exporters, stung by anemic economies since the oil price collapse, must allay their citizens’ concerns. “It’s much more about the governments involved showing their citizens that they are trying to raise oil prices, and that the blame for falling oil prices doesn’t lie with them,” he said. Published in the Financial Post
The pact would have little impact on prices as the countries are freezing, not cutting, output, said Omar Al-Ubaydli, a Bahrain-based analyst. “All the Saudis are doing is showing the world, and their internal constituents, that the rest of the world can not be trusted and, sure enough, Iran didn’t waste any time,” said Al-Ubaydli, a senior affiliated research fellow with the Arlington-based George Mason University. A few months from now, look for Russian President Vladimir Putin to claim he can’t control Russian oil firms as they are private companies. Continue |
Omar Al-Ubaydli
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