The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.
It could be at 70-75 dollars in a question of months, Gustavo Delgado, head of Gazprom in Venezuela, told news agencies on the sidelines of an oil conference on Margarita Island. He did not specify whether he was speaking of Brent prices or U.S. crude.
The Russian company participates in several gas and crude projects with Venezuelan state oil company PDVSA.
Investments right now in oil and energy are being affected by the price fall, Delgado added in the interview late on Wednesday, attributing the drop to economic slowdowns in both Europe and China, plus the rise of new technologies like shale.
A senior official from another Russian company, Rosneft, said the crude price fall could be partly for speculative reasons but nevertheless obliged all producers to seek cost reductions.
All eyes were on OPEC, the Rosneft Venezuela official told Reuters at the conference. We need to wait for the cartel meeting to see if they are going to reduce or maintain production, he said.
Depending on that, we will take actions, he added. Venezuela has formally requested an emergency meeting of OPEC before the regular gathering of next month, but several Gulf states are contrary to cutting production.
Rosneft's various joint ventures in Venezuela produce about 125,000 barrels per day.
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70 dollars a barrelOct 17th, 2014 - 01:09 pm 0
50 Dollars would be better.
HAHAHAHAHAHA.Oct 17th, 2014 - 01:18 pm 0
I read the other day that to be profitable, the Falkland oil fields had to have a base oil price of 80. It's at 83 now...
For the USA shale to be profitable prices need to be at least 72 dollars.
Most now expect 65 dollars as a future mid-term price.
There goes the so-called economic boom in the USA... and the Falklands will enter a mega-depression!
Argentina as usual outsmarting everyone... we knew prices would fall dramatically so now we can buy cheap oil without having to use our own reserves. In the 2020's, when oil rises above 220 dollars, then we will welcome exploitation of Vaca Muerta... meanwhile the other countries will have used a lot of their reserves, and we will be one of the few countries in the world to have ours untapped.
The world will have to beg us.
Are you druck on your mommas tit juice again? Where have you been hiding.......nustled in momma's breasts or poppa's crotch? It must suck to be stuck in your mommies basement with intermittent access to the internet knowing the world is passing you by.Oct 17th, 2014 - 01:52 pm 0
Stick to reality tranny boi.....btw.....how is your estrgen shots going? Did you find any considering Argentina is running out of all sorts of meds. Sucks be be on dialysis in Argentina.
Iran, Russia and Venezuela will be a dead cow low before the USA oil boom feel the impact.....and vaca muerta.....will never be revived.....for starters Argentina is too stupid to be able to do it on your own!!!
Does your father still piss on you as he puts you on your knees and tells you it is raining?