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Tuesday, December 9, 2014
The price of oil continues its downward slide with Brent crude falling more than $2 per barrel on December 8 to a new five-year low. In the US crude touched $64.14 per barrel before settling at $64.60 per barrel, down $1.24.
While some analysts claim without OPEC intervention prices could see prices as low as $43 barrel in 2015 and perhaps beyond, the International Energy Agency (IEA) does not agree. The IEA’s chief economist Fatih Bitrol told a conference that he sees crude gaining in price in the coming year or so, although not the highs that it has been at before this latest drop.
“I think an oil price, which will balance the markets in the next years to come, will be close to $100,” Birol said when asked to quantify at what level he sees oil prices long-term. “We shouldn’t be blinded with what’s happening now. Looking at the geology, looking at the economics of the oil markets, one shouldn’t be surprised if we see in a few years’ time, again, a rebound of prices.”
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