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Venezuela eyes US$70 crude oil price this year

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Venezuela eyes US$70 crude oil price this year

Venezuela eyes US$70 crude oil price this year*/

– CARACAS, 17 Jan 2017:OPEC secretary-general Mohammed Barkindo yesterday forecast stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to US$70 in coming months.The head of the Organisation of the Petroleum Exporting Countries was back in Caracas for a second meeting in two months with president Nicolas Maduro – whom he lavishly praised for an “inspirational” role in the producers’ pact to cut output.“We remain optimistic Mr President that with the full and timely implementation of this historic decision between us and non-OPEC, in 2017 the situation of our economies will improve tremendously,” Barkindo said at a news conference with Maduro.
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Lack of investment heightens danger of an oil price shock

Lack of investment heightens danger of an oil price shock*/

– Lack of investment in the oil industry has significantly heightened the risk of an oil price shock in the coming years, according to Crescent Petroleum’s chief executive.Majid Jafar, CEO of the UAE-based oil and natural gas producer, highlighted the perceived absence of investment in oil markets and predicted a volatile future for the commodity if this trend continued.”The problem over the last year is no-one has been investing enough in the upstream… (it has been this way) for three years in row which is unprecedented and so there is a real risk a few years down the line of an oil price shock,” Majid Jafar, chief executive of Crescent Petroleum told CNBC on Tuesday in Davos, Switzerland.
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Iranian oil price falls 9 cents per barrel in a week

Iranian oil price falls 9 cents per barrel in a week*/

– After consecutive weeks of rise following the OPEC and non-OPEC deal on November 2016, Iranian light crude oil price experienced a nine cent decline in the week ending January sixth, to settle at $53.22, Shana reported on Saturday.According to the report, Iran’s heavy oil price in the same week experienced a 20-cent fall per barrel to descent to $52.84.OPEC’s oil price for the mentioned week also fell 1 cent to stand at $53.9 per barrel.
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