Petroleum Africa
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Monday, December 21, 2015
The price of crude is approaching near lows the market has not seen for almost seven years. On December 18 light crude on NYMEX was trading at $34.73 per barrel, almost $30 less than it was trading one year ago, with pricing for Brent and OPEC not any different.
OPEC, who just recently announced it would once again keep production output at current levels instead of reining it in to balance out the market, has seen its Basket of Crudes trading even lower than either light crude or Brent crude. OPEC’s basket price on December 17 was at $31.49, over $33 per barrel less than one year ago; however most of the cartel’s members are still touting the party line with Qatar’s Energy Minister Mohammed Al Sada telling reporters before the meeting in Cairo there was no need to be pessimistic about prices.
“There is no doubt that oil prices will rebound,” Abdul Mahdi told reporters after the meeting of the Organization of Arab Petroleum Exporting Countries. “This current level is too low, and it’s affecting oil producers. I think economic factors and fundamentals are still strong.”
Meanwhile E&P firms, drilling companies, and oil service firms have seen their share prices drop, some significantly, which has led to tens of thousands of workers in the industry being let go and more job cuts are expected if the price of oil does not rebound in a significant manner.
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