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Oil Prices Headed For $40 A Barrel – Barrel Prices

Oil Prices Headed For $40 A Barrel – Barrel Prices

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Faith in OilOil prices could fall lower before they start to recover, thanks to U.S. oil production that continues to reach new highs, CNBC reports. It says Abdalla Salem el-Badri, secretary general of the Organization of Petroleum Exporting Countries, told a weekend conference that the organization’s efforts to curb new drilling have yet to slow down U.S. production, which recently hit a “multi-decade high” of 9.32 million barrels per week.

Analysts predict an eventual slowdown. But for now, surging production combined with a strong U.S. dollar could send oil prices back down toward $40 per barrel in coming months, the report says.

“WTI could take another leg down,” said Citigroup energy analyst Eric Lee. . “If there’s enough distress, if imports into the U.S. don’t budge, which they wont … if exports don’t rise quickly enough, which is a wild card, then producers at various locations need to shut in pipelines or run at low utilization so it doesn’t come to Cushing.”

WTI crude oil was trading at $48.71 per barrel Tuesday afternoon (March 10).

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Every day somebody else has something different to say, two totally different scenarios at this point. This goes back to my post the other day regarding my thoughts on the oil prices. (Sissie’s opinion). At this point I wish people would just stop trying to speculate. This morning as I was reading another article, it was talking about oil prices and how it hasn’t even helped our economy, which our  government thought it would. I would love to hear your opinions on this topic.

 Barrel Prices

~~~Sissie

 

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Comment(0)

  1. looking for company man or directional driller position anywhere in the United States. Thank you for all you do! God Bless you.

  2. After nearly 40 years in the oilfield, completions & Companyman seen some major cycles! The industry is still strong & the players trying to make quick $ will be weeded out. The strong will survive, what does a household do when we have a short check? If we have not put money aside, we as a family “hurt”! FYI to old or new, (including myself) save money / income for low rainy days!

  3. Sissy kinda hard for this “low gas price” to help when every other necessary item households need is going up in price! My electric and groceries have went up a third! Had to redo our budget every month since my OFM was laid off beginning of January! Other gentleman is correct! This life not easy and got to take good with bad. Greed is the problem. These same companies made it and had jobs when prices were this way for years! 2 tears in a bucket the Big companies made highest profits ever in 2014 then lost a few million they got to chop off the backbone of the company to make up for their losses. GOD what is this world coming to?

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