Oil patch woes are bleak news for NM

By Kevin Robinson-Avila / ABQ Journal Staff Writer
Monday, July 4th, 2016 at 12:05am

The full article is here-> http://www.abqjournal.com/802565/oil-patch-woes-are-bleak-news-for-... “The price war has resulted in an OPEC-Saudi Arabia victory without question,” Fine said. “Southwest U.S. production has hit bottom.”

Now, OPEC has moved to control volatility somewhat by setting a new price range of between $39 and $59 per barrel, at least for the next six months, Fine said.

“They’ve moved from a ‘hot’ price war to a ‘cold war’ to retain market share,” Fine said. “Saudi Arabia retains spare capacity to supply at will 2 to 3 million barrels per day on the market, allowing it to control volume and prices to keep U.S. production in check.”

Views: 213

▶ Reply to This

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service