Thursday, December 04, 2014

The Foreseeable Future Did Not Last Long

March 18, 2013 (The Atlantic):
"The days of $100-a-barrel crude, [Saudi Arabia's longtime oil minister, Ali Al-Naimi] told the crowd, are here 'for the foreseeable future.'
December 3, 2014 (Wall Street Journal):
"OPEC’s biggest oil producer, Saudi Arabia, now believes oil prices could stabilize at around $60 a barrel...
Brent crude dropped 62 cents a barrel to $69.92 on Wednesday.
[Saudi Oil Minister] Mr. al-Naimi told the ministers that enduring lower prices would force high-cost oil producers outside of OPEC, like U.S. shale-oil companies, to cut back production themselves, tightening the market by the second half of 2015..."