According to OPEC figures:
Global oil demand growth in 2014 is expected to be around 91.2 mb/d.
Non-OPEC oil supply growth in 2014 was 56.2 mb/d. Total supply including OPEC was estimated at 92.1 leaving a balance stock change of 0.9 mb/d.
The OPEC rig count was only 610 as of Jan 15 2015.
The Non OPEC rig count was 2750 as of Jan 15 2015.
OPEC Secretary General, El Badri's recent statement on the evening out of oil prices should not invite much enthusisam among oil producers. The zone of power may have moved away from OPEC and it can no longer work as an oil price fixing oligopolistic cartel.
With Out any risk or responsibility.
Global oil demand growth in 2014 is expected to be around 91.2 mb/d.
Non-OPEC oil supply growth in 2014 was 56.2 mb/d. Total supply including OPEC was estimated at 92.1 leaving a balance stock change of 0.9 mb/d.
The OPEC rig count was only 610 as of Jan 15 2015.
The Non OPEC rig count was 2750 as of Jan 15 2015.
OPEC Secretary General, El Badri's recent statement on the evening out of oil prices should not invite much enthusisam among oil producers. The zone of power may have moved away from OPEC and it can no longer work as an oil price fixing oligopolistic cartel.
With Out any risk or responsibility.
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