23 Dec 2014
OPEC’s aggressive stance continues to drive oil – Danske
FXStreet (Barcelona) - Jens Nærvig Pedersen, Senior Analyst at Danske Bank observes OPEC’s aggressive stance to preserve its market share continues to drive the oil markets.
Key Quotes
“OPEC’s aggressive push to talk down oil prices continues to be the main driver of the oil market. Yesterday, Saudi Arabia’s oil minister, Ali al-Naimi, said that OPEC would not change its strategy even if the oil price dropped to USD20/bbl and that the world may not see oil prices back at USD100/bbl.”
“Al-Naimi’s comments clearly underscore that OPEC is trying to preserve its market share no matter the short-term cost from the lower price. The price for Brent crude has settled in the range of USD59-62/bbl over the past week.”
Key Quotes
“OPEC’s aggressive push to talk down oil prices continues to be the main driver of the oil market. Yesterday, Saudi Arabia’s oil minister, Ali al-Naimi, said that OPEC would not change its strategy even if the oil price dropped to USD20/bbl and that the world may not see oil prices back at USD100/bbl.”
“Al-Naimi’s comments clearly underscore that OPEC is trying to preserve its market share no matter the short-term cost from the lower price. The price for Brent crude has settled in the range of USD59-62/bbl over the past week.”