Oil, US, Opec, Saudi Arabia. Oil fell in 2014 by the most since the 2008 global financial crisis as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut. The U.S. benchmark ended at a five-year low yesterday, capping a 46 percent drop in 2014, as stockpiles of crude oil and gasoline reached seasonal record highs and as OPEC produced more than its quota in December for a seventh month. Goldman Sachs Group Inc. (GS) said it expects a far lower2 new normal for prices and Barclays Plc (BARC) said oil has further downside risk. Oils slump has roiled currencies including the Russian ruble and the Nigerian naira and squeezed government budgets in producing nations including Venezuela and Ecuador. Its also boosted Chinas emergency crude reserves and helped shrink fuel subsidies in India and Indonesia. U.S. drivers may save as much as $75 billion at gasoline pumps in 2015, AAA said. Low prices have prompted producers including ConocoPhillips and Continental Resources Inc. (CLR) to plan spending cuts for 2015 erambiente.net/oilpricerealtime.html
Posted on: Fri, 02 Jan 2015 09:53:39 +0000
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