An oil price of between $60 and $70 per barrel is both a 'sweet spot' and 'pain threshold' for rival oil producers in the U.S. and OPEC according to the head of EMEA Oil & Gas Research at JPMorgan.
An oil price of between $60 and $70 per barrel is both a"sweet spot" and"pain threshold" that rival oil producers in the U.S. and OPEC can tolerate when it comes to the price of oil and production, according to the head of EMEA Oil & Gas Research at JPMorgan.
Brent crude futures are trading at $67.26 Monday and West Texas Intermediate is trade at $58.46. Malek said that the trouble with cutting production -- and the corresponding rise in oil prices -- is that it encouraged more output from U.S. shale producers as the price per barrel becomes more attractive.
Oil markets have been digesting the latest comments from Saudi Arabia's Energy Minister Khalid Al-Falih this weekend after the 'OPEC+' group of OPEC and non-OPEC producers met in Baku, Azerbaijan. "What guides me in this group of 25 producing countries is the level of inventories, and as long as the inventories are rising and are far from normal levels, we will stay the course of guiding the market toward balance. I think that's what consumers and producers around the world want from us," Al-Falih told reporters in Azerbaijan.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil demand is beating bearish forecasts and will push prices above $70: Goldman SachsGoldman Sachs sees global oil demand growing by nearly 2 million barrels per day in the first quarter.
Read more »
In Bel-Air, a Patch of Dirt Asks $60 MillionA developer spent over a decade securing plans and permits for an empty lot in Bel-Air. Now he's selling the works for $60 million.
Read more »
Floyd Mayweather has been showing off his $60 million Air Mayweather private jet on Instagram — take a look insideFloyd Mayweather has earned a billion dollars in career prize money, and he doesn't mind spending it.
Read more »
How a former Reader's Digest exec turned Nutrisystem around one data point at a timeNutrisystem's Dawn Zier is a businesswoman with a master's from MIT. Today she's a trailblazer in the $70 billion weight-loss market. How her engineering background led her to become recognized as one of the best CEOs in America.
Read more »
Oil demand is beating bearish forecasts and will push prices above $70: Goldman SachsGoldman Sachs sees global oil demand growing by nearly 2 million barrels per day in the first quarter.
Read more »
OPEC's Barkindo says rebound in oil investments 'very minimal'The investments needed to ensure stability in the global oil industry are return...
Read more »
OPEC's Barkindo says rebound in oil investments 'very minimal'The investments needed to ensure stability in the global oil industry are return...
Read more »
Oil prices rise amid broad market rally, OPEC supply cutsOil prices rose on Tuesday, lifted by healthy demand and output cuts led by prod...
Read more »
Fearing new oil glut, OPEC builds case for keeping supply cutsOPEC on Thursday cut the forecast of global demand for its oil this year as riva...
Read more »