OPEC to tolerate cheaper crude in 2015, - Reuters

OPEC countries are prepared to tolerate cheaper crude for longer to defend market share and curb rivals' output.


This is reported by Censor.NET citing Ukrainska Pravda and Reuters. The agency was told by an OPEC delegate that member countries will not cut production volumes and that it "would be better to leave the market to correct itself." He notes that prices will be around $40-$50 a barrel until the end of the year and hopefully they will reach $60, assuming there will be a recovery in China.

According to another delegate, the oil price will remain around $40-$50 a barrel for the rest of the year. One more delegate says that oil is bottoming and the deeper it goes the quicker the rebound will be, adding prices may dip again to slightly below $45 before slowly recovering to around $60 by December.

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