Petroleum Africa
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Wednesday, January 21, 2015
Oil is continuing to fall, dropping as much as 5% based on the IMF’s cut in its global economic guidance forecast for 2015. The cut in the forecast is based on lower fuel demand.
Benchmark Brent crude was down 39 cents at $48.45 per barrel after touching a low of $47.78. US crude fell even lower, dropping $1.95 to close at $46.74.
As prices continue to drop companies in the industry are cutting employees with Baker Hughes, Halliburton, and Schlumberger handing out 1,000s of pink slips.
When will prices see an upturn? It depends on who you ask. Some pundits are claiming that prices will be back up at the $100 per barrel, but more are saying $60 per barrel by year end is more likely. Others, like Iran’s Oil Minister BijanZanganeh are saying oil could continue its drop and a $25 per barrel price is not out of the question. He also doesn’t believe OPEC will change its current stance on production, but moves last week from some member countries not in favor of maintaining current oil flows may chip away at some other members’ resolve.
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