Patra SK - News
Jan 20, 2015
Analyst Predicts World Crude Price to Drop to US$30 per Barrel


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.



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