On Reuters (link) overnight: Arab OPEC sources see oil back above $70 by end-2015:
- Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year
- Said $100 a barrel crude is encouraging too much new production from high cost producers outside the exporting group, some sources say
- They believe that once the breakneck growth of high cost producers such as U.S. shale patch slows and lower prices begin to stimulate demand, oil prices could begin finding a new equilibrium by the end of 2015
- “The general thinking is that prices can’t collapse, prices can touch $60 or a bit lower for some months then come back to an acceptable level which is $80 a barrel, but probably after eight months to a year,” one Gulf oil source told Reuters
More at the link
