An oil price of between $60 and $70 per barrel is both a 'sweet spot' and 'pain threshold' for rival oil producers in the U.S. and OPEC according to the head of EMEA Oil & Gas Research at JPMorgan.
An oil price of between $60 and $70 per barrel is both a"sweet spot" and"pain threshold" that rival oil producers in the U.S. and OPEC can tolerate when it comes to the price of oil and production, according to the head of EMEA Oil & Gas Research at JPMorgan.
Brent crude futures are trading at $67.26 Monday and West Texas Intermediate is trade at $58.46. Malek said that the trouble with cutting production -- and the corresponding rise in oil prices -- is that it encouraged more output from U.S. shale producers as the price per barrel becomes more attractive.
Oil markets have been digesting the latest comments from Saudi Arabia's Energy Minister Khalid Al-Falih this weekend after the 'OPEC+' group of OPEC and non-OPEC producers met in Baku, Azerbaijan. "What guides me in this group of 25 producing countries is the level of inventories, and as long as the inventories are rising and are far from normal levels, we will stay the course of guiding the market toward balance. I think that's what consumers and producers around the world want from us," Al-Falih told reporters in Azerbaijan.
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