New Jersey - Bob Janjuah, an analyst from Nomura Securities, said that global oil price could drop even further to US$30 to US$35 per barrel. Speaking to CNBC, he said that there is a strong political influence behind the trend.
Janjuah said that oil producers like Saudi Arabia will not reduce their production capacity although it may restore the price to normal condition. Saudi Arabia's refusal is likely connected its position as the price benchmark for oil.
Janjuah even predicted that Saudi Arabia is planning to support the oil price drop. He believed that Saudi Arabia, being a significant member of the Organization of Petroleum Exporting Countries (OPEC), plans to suppress United States and Russia, which started to shift its focus on alternative energy such as shale. He added that the United States' economy will collapse if wold fuel price drops to US$ 30 per barrel.
Source : http://en.tempo.co
Govt to Hold Bilateral Meetings With OPEC States in Vienna
Jakarta - The government is scheduled to hold bilateral talks with oil-producing nations on the sidelines of the annual Organization of the Petroleum Exporting Countries (OPEC) conference in Vienna, Austria, this week.
Global Oil Prices Drop as US Supplies Increase
Jakarta - Global oil prices decrease on Thursday, October 22, 2015, following the increase in the United States crude supply, which raises concern on excessive global crude supplies.
Palu - State-owned oil and gas company, Pertamina will build a gas power plant in Palu city, Central Sulawesi province.
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